India's Aarti Industries rises on supply agreement with Deepak Fertilizers

Aarti Industries

21/11/2022 05:24

** Shares of Aarti Industries Ltd  ARTI.NS  rise as much as
4.1% to 679.9 rupees, their biggest pct gain since Oct 19
    ** The benzene-based speciality chemical co said signs a
20-yr deal with Deepak Fertilisers and Petrochemicals  DPFE.NS 
for offtake and supply of nitric acid, effective April 1, 2023
    ** DPFE shraes were up nearly 2% in morning trading, set to
snap an eight-session losing streak
    ** ~1.08 mln ARTI shares traded by 0457 GMT, higher than
30-day avg
    ** 12 of the 21 analysts covering the stock have a "buy" or
"strong buy" rating, 3 has "hold" while 6 rate it at "sell" or
"strong sell"; median PT is 825 rupees - Refinitiv data
    ** ARTI last up 2.5%, cutting YTD losses to ~23.5%, while
DPFE is up ~110% so far this year
 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))