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Last Updated : Sep 22, 2020 11:27 AM IST | Source: Moneycontrol.com

Deepak Nitrite share price gains 2% after Vanguard group buys shares worth Rs 101 crore

As per bulk deal data on the National Stock Exchange, The Vanguard Group Inc A/C Vanguard Emerging Markets Stocks INDEXFD A series bought a little over 12 lakh scrips of Deepak Nitrite at an average price of Rs 839.18 a piece.

 
 
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Deepak Nitrite share price gained over 2 percent intraday on September 22 after The Vanguard Group Inc on September 21 picked up shares worth nearly Rs 101 crore through an open market transaction.

As per bulk deal data on the National Stock Exchange, The Vanguard Group Inc A/C Vanguard Emerging Markets Stocks INDEXFD A series bought a little over 12 lakh scrips of Deepak Nitrite at an average price of Rs 839.18 apiece. This translated into a total deal value of Rs 100.95 crore.

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The stock was trading at Rs 831.00, up Rs 17.95, or 2.21 percent at 10:56 hours. It has touched an intraday high of Rs 845.95 and an intraday low of Rs 775.95.

Rating agency CRISIL has revised its outlook on Deepak Nitrite's bank facilities worth Rs 750 crore to 'positive' from 'stable' while reaffirming the rating at 'CRISIL AA-'.

The short term rating has been reaffirmed at 'CRISIL A1+'. The rating revision follows the DNL group's improved business profile, supported by better product diversity through ramp-up of its phenol and isopropyl alcohol (IPA) business, as well as sustained growth in performance of its key business segments- basic chemical (BC) and fine and specialty chemical (FSC).

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According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has been efficient in managing assets to generate profits - ROA improving since last two years. FII / FPI or institutions are increasing their shareholding and the stock is showing strong momentum: price above short, medium and long term moving averages.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Sep 22, 2020 11:27 am
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