Deepak Nitrite Share Price 27 May 2024 📈
Chemical company Deepak Nitrite has delivered strong returns for its investors. The company’s shares closed on May 23 with a decline of more than 5%. Over the past two days, there has been a 7.25% decline in the company’s shares. After the release of the March quarter results, there was a drop in the company’s share prices.
Many brokerage firms have expressed a bearish outlook on the company’s shares. On Friday, May 24, Deepak Nitrite’s share price increased by 1.07% to close at ₹2,360. On Monday (May 27, 2024), the share was trading at ₹2,342 with a 1.00% decline.
Deepak Nitrite announced its financial results for the March quarter on May 20, 2024. The company’s net profit increased by 8.5% to ₹253.85 crore in the March quarter. This profit includes an extraordinary gain of ₹51.6 crore from insurance claims. Excluding this gain, the company’s net profit will be 14% lower compared to the previous year.
Over the past year, Deepak Nitrite’s share price has increased by 9.32%. Imports on cheaper rates from China, trouble in Lal Sagar, and weakness in the chemical market have posed several business challenges for Deepak Nitrite. According to experts, there could be an improvement in the company’s performance after the first half of the financial year 2024-2025.
In the March 2024 quarter, Deepak Nitrite recorded a 16% decrease in revenue compared to the previous year. Following the quarterly results, brokerage firm Prabhudas Lilladher has issued a ‘reduce’ rating on Deepak Nitrite’s shares. Experts believe that in the coming days, the company’s shares could reach up to ₹2,268. The brokerage firm expects pressure on the company’s margins.
HDFC Securities has advised buying Deepak Nitrite shares at a target price of ₹1,537.
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