India's Deepak Fertilisers hits 1-mth high on restructuring

Deepak Fertilisers and Petrochemicals

16/12/2022 05:35

** Shares of Deepak Fertilisers and Petrochemicals Corp Ltd
 DPFE.NS  rise as much as 6.2% to 861.75 rupees, their highest
level since Nov. 16 
    ** Stock marks sharpest intraday pct gain since Nov. 21
    ** DPFE approves a scheme to demerge its mining chemicals
and fertilisers businesses
    ** DPFE clears demerger of TAN Business (Mining Chemicals)
from its unit Smartchem Technologies (STL) to another unit
Deepak Mining Services Pvt Ltd (DMSPL)
    ** Also clears amalgamation of Mahadhan Farm Technologies
with STL  urn:newsml:reuters.com:*:nFWN3351Q0
    ** More than 1.5 mln shares change hands, 2.5x the 30-day
avg of 610,976 shares, highest since Nov. 21
    ** Stock up ~128% YTD
 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com))