Deepak Nitrite extends rally after it issues QIP

The stock rallied 13% to Rs 130 in intra-day trade, extending its Wednesday's 7% gain on the BSE.

Deepak Nitrite has rallied 13% to Rs 130, extending its Wednesday’s 7% gain on the BSE, after the company on Tuesday  decided to open the issuance of equity shares of the company through qualified institutions placement (QIP).

The floor price has been arrived at Rs 103.62 per equity share, commodity chemicals manufacturer said in a regulatory filing.

The stock is trading close to its 52-week high of Rs 134 touched on September 9, 2016 in intra-day trade. It surged 20% in past two trading sessions from Rs 108 on February 28, as compared to 1% rise in the S&P BSE Sensex.

Earlier, in January 2016, Deepak Nitrite had raised Rs 83.30 crore through QIP by issuing shares at price of Rs 70.90 per share.
 

Deepak Nitrite is a leading supplier of organic, inorganic and fine chemicals to global chemical majors.

In past one year, the stock appreciated 107% from Rs 62.80 against 20% rise in the benchmark index.

At 01:46 pm; it was up 11% at Rs 128 on BSE against a marginal 0.02% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than seven-fold with a combined 1.93 million shares changed hands on the BSE and NSE.