Deepak Nitrite gains 8% in three days on Crisil's credit rating upgrades

Going forward, growth over the medium term will be driven by trecovery in demand from Basic Chemical (BC) and Performance Product (PP) segments and continued steady outlook for FSC and Phenol segments

Shares of Deepak Nitrite were up 5 per cent at Rs 1,603 on the BSE in intra-day trade on Tuesday, having gained 8 per cent in the three trading days after the rating agency Crisil upgraded bank loan facilities of the company to 'stable' from 'positive'. The stock of the commodity chemicals company had hit a record high of Rs 1,691.55 on March 4.

“Crisil has upgraded long term rating outlook of Deepak Nitrite, for bank loan facilities of Rs 750 crore of the Company, from "CRISIL M-/Positive" to "CRISIL AA/Stable" and has re-affirmed short term rating as "CRISIL A1+,” the