Deepak Nitrite is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. 
Deepak Nitrite is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Shares of Deepak Nitrite zoomed nearly 11% on Wednesday after the company's arm Deepak Chem Tech inked a memorandum of understanding with the Gujarat government to invest Rs 5,000 crore over the next four years. The investment will be done in projects to establish the production of speciality chemicals, phenol/acetone, and eisphenol at Dahej/Nandesari.
Deepak Nitrite stock ended 9.58% higher at Rs 2136 against the previous close of Rs 1949.70 on BSE. The stock rose 10.74% to Rs 2159 against the previous close of Rs 1,949.70 on BSE. Earlier, it opened on a flat note at Rs 1950. Total 1.86 lakh shares changed hands amounting to a turnover of Rs 39.18 crore on BSE. Market cap of the firm rose to Rs 29,139 crore.
The stock hit a 52-week high of Rs 2,355.55 on November 3, 2022 and a 52-week low of Rs 1,682 on July 1, 2022 on BSE.
Deepak Nitrite stock has a one-year beta of 1, indicating average volatility during the period. Deepak Nitrite is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Deepak Nitrite has a high PE ratio of 31.24 against the industry PE of 12.55.
The proposed investment is expected to generate around 1,500 direct and indirect employment opportunities, said the firm.
The company also said that the projected investment will lower India's import costs. Products from these projects have a variety of final uses, such as speciality chemicals that meet the needs of the pharmaceutical and agrochemical sectors.
The company said products manufactured out of this project will have varied end uses.
Acetone and phenol are utilised in a variety of end-user industries, including taminates, plywood, pharmaceuticals, paint, and adhesives. The most significant feedstock for Epoxy and Adhesives is Bisphenot. Polycarbonate is a material with several uses in the automotive, electronics, consumer goods, defence, and medical industries, among others.
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