Deepak Nitrite spurted 4.32% to Rs 848.20 after Vanguard Group bought 0.88% stake of the chemicals maker at Rs 839.18 per share via bulk deal on NSE.
On Monday (21 September), Vanguard Group Inc A/C Vanguard Emerging Markets Stock Index Fund A Series of V I E I F bought 12,02,981 equity shares (0.88% stake) of Deepak Nitrite at Rs 839.18 each via bulk deal on the NSE.
Earlier on 18 September 2020, the Vanguard fund bought 10,81,688 shares (0.79%) in the chemicals maker at Rs 861.54 each via bulk deal on the NSE.
Deepak Nitrite posted a 24.8% drop in consolidated net profit to Rs 98.95 crore in Q1 June 2020 from Rs 131.61 crore in Q1 June 2019. Net sales in the June quarter stood at Rs 674.49 crore, falling 35.8% from Rs 1,050.98 crore recorded in the same period last year.
Deepak Nitrite is well diversified with presence across three segments viz. basic chemicals (BC), fine and specialty chemicals (FSC) and performance products (PP). The group has recently ventured into phenol-acetone segment through its 100% subsidiary Deepak Phenolics.
The scrip surged 197.50% from its 52-week low of Rs 285.10 hit on 9 October 2019.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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