Deepak Nitrite hits record high amid reports of power outage in China

Capital Market

Deepak Nitrite jumped 9% to Rs 2,594.40, hitting a record high in intraday today.On BSE, 90,000 shares were traded compared to its two week daily average of 46,000 shares. On NSE, 19.40 lakh shares were traded compared to monthly average of 7.7 lakh shares.

The counter hit a record high of Rs 2,618.35 in intraday today. From its 52-week low of Rs 701.85 hit on 20 October 2020, the stock has surged 270%. In the past one month, the stock has climbed 10.5% compared with 2.1% rise in Nifty 50 index.

The media reported that the power outage in China is seen impacting chemical output by as much as 25%.

China is in the grip of a power crunch as a shortage of coal supplies, toughening emissions standards and strong demand from manufacturers and industry have pushed coal prices to record highs and triggered widespread curbs on usage.

Widening power shortages in China have halted production at numerous factories including many chemical manufacturers, which could benefit Indian speciality chemical makers.

Deepak Nitrite is one of the leading suppliers of chemical intermediates. It has a diversified portfolio of intermediates that cater to the dyes and pigments, agrochemical, pharmaceutical, plastics, textiles, paper and home and personal care segments in India and overseas.

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The chemical maker's consolidated net profit jumped 205% to Rs 302.6 crore on a 126% rise in net sales to Rs 1,526.22 crore in Q1 FY22 over Q1 FY21.

On the technical front, the stock's RSI (relative strength index) stood at 71.582. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 2233.03 and 2026.12 respectively. These levels will act as crucial support zones in near term.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Oct 04 2021 | 4:01 PM IST

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