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Deepak Nitrite rises after purchasing land in Gujarat

Capital Market 

Deepak Nitrite rose 0.68% to Rs 392 after the company said it acquired a 125-acre industrial land in Gujarat for Rs 99.25 crore.

Deepak Nitrite has acquired industrial land admeasuring around 125 acres situated at Dahej in Gujarat for Rs 99.25 crore. The company will utilise the land for the future growth plans. The disclosure was made during trading hours today, 15 January 2020.

The stock surged 80.35% in the past one year. On a consolidated basis, Deepak Nitrite's net profit surged 532.8% to Rs 150.41 crore on 117.6% jump in net sales to Rs 1,003.33 crore in Q2 September 2019 over Q2 September 2018.

Deepak Nitrite offers sodium nitrite, 2 ethyl hexyl nitrate and optical brightening agent (OBA). The firm's segments include bulk chemicals and commodities (BCC), fine and speciality chemicals (FSC), and fluorescent whitening agent (FWA). The BCC segment offers nitro tolunes, fuel additives and sodium nitrite/nitrate.

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

First Published: Wed, January 15 2020. 14:34 IST