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Deepak Nitrite share closes 20% higher, here's why

Deepak Nitrite share gained 20% or Rs 129 to Rs 779.50 against previous close of Rs 649.60 on NSE

twitter-logoBusinessToday.In | August 24, 2020 | Updated 18:38 IST
Deepak Nitrite share closes 20% higher, here's why
Deepak Nitrite share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Share of chemicals maker Deepak Nitrite ended 20% higher in trade today after Directorate General of Trade Remedies (DGTR) called for imposing provisional anti-dumping duty on phenol imports from Thailand and the United States. Deepak Nitrite share gained 20% or Rs 129 to Rs 779.50 against previous close of Rs 649.60 on NSE. On BSE, the share ended 16.33% or Rs 106.15 higher at Rs 756.05 against previous close of Rs 649.90. On BSE, the share touched intra day high of Rs 779.85 , a rise of 20%.

The stock has gained 25.24% in the last 4 days. Deepak Nitrite share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. In one year, the share has gained 176.54% and risen 102.75% since the beginning of this year. In a month, the share has climbed 27.38%.

On BSE, 6.26 lakh shares changed hands amounting to turnover of Rs 45.02 crore. Market cap of the firm rose to Rs 10,312 crore.

Deepak Phenolics, Hindustan Organics and SI Group had approached DGTR complaining that they had to sell phenol below cost of production due to rise in imports India imports around $600 million worth of phenol every year.  

Deepak Nitrite is a chemical manufacturing company which offers Sodium Nitrite, 2 Ethyl Hexyl Nitrate and Optical Brightening Agent (OBA). The company's segments include bulk chemicals and commodities (BCC), fine and speciality chemicals (FSC), and fluorescent whitening agent (FWA).

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