India's Deepak Nitrite gains on Kotak's double upgrade

Deepak Nitrite

05/03/2025 09:37

** India's Deepak Nitrite DPNT.NS gains 4.1% to 1,934 rupees, set for best day since late-November

** Stock also on track for third straight session of gains

** Kotak Institutional Equities upgrades chemicals maker's stock to "add" from "sell", hikes PT to 2,020 rupees from 1,990 rupees

** DPNT to benefit from improved performance in its advanced intermediates segment and volume uptick in phenolics segment in Q4 - Kotak

** Co's Q3 profit more than halved in February, pushing stock to post its worst week in five years

** However, Kotak flags industry-wide overcapacity across products which will prevent margin recovery in foreseeable future

** Avg rating of 18 analysts on DPNT at "hold", median PT is 2,141 rupees - data compiled by LSEG

** Stock down 13.6% since reporting Q3 results

 (Reporting by Kashish Tandon in Bengaluru)

 ((Kashish.tandon@thomsonreuters.com))