Deepak Nitrite rises on the buzz of eyeing $1 billion turnover in 3-4 years

Deepak Nitrite is currently trading at Rs. 175.30, up by 2.45 points or 1.42% from its previous closing of Rs. 172.85 on the BSE.

The scrip opened at Rs. 171.40 and has touched a high and low of Rs. 178.25 and Rs. 168.40 respectively. So far 88892 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 194.80 on 06-Jul-2017 and a 52 week low of Rs. 75.80 on 26-Dec-2016.

Last one week high and low of the scrip stood at Rs. 184.40 and Rs. 166.10 respectively. The current market cap of the company is Rs. 2291.37 crore.

The promoters holding in the company stood at 46.52%, while Institutions and Non-Institutions held 25.78% and 27.70% respectively.

Deepak Nitrite is reportedly eyeing to achieve $1 billion turnover in the next three to four years. The company is targeting the same with its upcoming Rs 1,400 crore phenol-acetone facility at Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) in Dahej, Gujarat. Moreover, the company will explore more downstream products from phenol.

Gujarat-headquartered Deepak Nitrite manufactures Bulk Chemicals & Commodities, Fine & Speciality Chemicals and Fluorescent Whitening Agents. The company has manufacturing facilities at Nandesari and Dahej in Gujarat, Roha and Taloja in Maharashtra, and at Hyderabad in Andhra Pradesh.