Deepak Nitrite Ltd.

NSE: DEEPAKNTR | BSE: 506401 | ISIN: INE288B01029 |Industry: Commodity Chemicals
|Expensive Star
1783.10 40.85 (2.34%)
NSE Jun 25, 2021 16:00 PM
Volume: 1.1M

Deepak Nitrite Ltd.    
10 May 2021
HDFC Securities
We downgrade DNL to SELL from ADD, with a revised target price of INR 1,550. Deepak Nitrites (DNL) stock soared 227% in the past one year to INR 1,800 driven by (1) accretive performance by Deepak Phenolics Ltd (DPL), the wholly-owned subsidiary of DNL; (2) strong growth in Fine and Specialty Chemicals segment (FSC); and (3) recovery in the Basic Chemicals segment (BC) in the past nine months. This led to EBITDA and PAT expanding by 22% YoY and 27% YoY to INR 12bn and INR 8bn in FY21. DPL is doubling its IPA plants capacity to 60ktpa in FY22, and is planning to introduce downstream products from Phenol and Acetone. The company is adding new chemistries like fluorination and photochlorination into its product offerings
Deepak Nitrite Ltd. has an average target of 1857.33 from 3 brokers.
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