India's Deepak Nitrite drops after co flags China, Red Sea challenges

Deepak Nitrite

23/05/2024 08:15

** Shares of India's Deepak Nitrite  DPNT.NS  down 4.7%
after shedding as much as 5% earlier in the session 
    ** DPNT set to drop for the third straight session, if
losses hold 
    ** Facing multiple challenges - cheap dumping from China,
recessive trends in EU, continuing Red Sea crisis and soft
agrochemical demand, chemical maker flags in post-results call 
    ** Brokerage Haitong sees persisting near-term volatility,
downgrades co to "neutral" from "outperform" 
    ** Co's Q4 consol rev from ops rose 8.4%, net profit rose
8.6%  
    ** YTD DPNT has lost over 5% 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))