India's Deepak Nitrite slumps on qtrly profit fall

Deepak Nitrite

10/11/2022 05:19

** Deepak Nitrite Ltd's shares  DPNT.NS  fall as much as
9.1% to 2,090 rupees, in their biggest pct loss since Jan 25
    ** The chemical company reported a 31.5% decrease in
Sept-qtr profit on Wednesday, although rev rose ~17%
 urn:newsml:reuters.com:*:nFWN3252N6
    ** Co says to also invest up to $14.4 mln in Deepak Oman
Industries; approval was granted in March 2020 but put on hold
due to pandemic  urn:newsml:reuters.com:*:nFWN3252NA
    ** DPNT top pct loser on Nifty Midcap 100 index
 .NIFMDCP100 
    ** More than 1.2 mln shares change hands by 0507 GMT, 1.8x
30-day avg of 663,948 shares
    ** 7 of the 11 analysts rate DPNT "buy" or "strong buy," 2
"hold" and 2 "sell" or "strong sell"; median PT is 2,484 rupees
- Refinitiv data
    ** Stock last down 8.7%, taking YTD losses to nearly 16% vs
a 3.4% rise in the Nifty Midcap 100 index
 (Reporting by Atreya Raghavan in Bengaluru)
 ((Atreya.Raghavan@thomsonreuters.com; Mobile: +91 8527959656))