India's Deepak Nitrite jumps 10% on deal with Gujarat govt

Deepak Nitrite

24/05/2023 08:14

** Shares of Deepak Nitrite Ltd  DPNT.NS  rise as much as
10% to 2,145 rupees, a five-month high  
    ** Chemicals maker says its unit - Deepak Chem Tech Ltd
signs MoU with Gujarat govt to invest 50 bln rupees in next four
years  urn:newsml:reuters.com:*:nFWN37K1SD 
    ** Investment to set up projects to make specialty
chemicals, phenol, acetone and Bisphenol in western Indian state
    ** Stock most active in over six months, with trading volume
of 2.2 mln shares as of 12:33 p.m. IST, 6.6 times the 30-day avg
    ** Stock's relative strength index is 79, suggesting it may
be overbought - Refinitiv data
    ** Of the 12 analysts tracking DPNT, seven maintain "buy",
two suggest "sell" and three recommend "hold"; median PT is
2,163 rupees

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))