Due to sharp correction in price, we upgrade to HOLD with TP of Rs.1,960. Deepak Nitrite's (DN) Q3FY25 revenue stood at Rs19bn, down 5.3% YoY and 6.3% QoQ. Operating performance for the quarter was impacted as plants remained idle due to deferral in demand, lag adjusted recovery in agchem, increase in RM cost as well as oversupply from Chinese counterparts. Planned maintenance shutdown at its phenolics plants further led to a decline in performance and an increase in phenol imports. Nitric acid project is expected...