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Updated December 20th, 2023 at 12:06 IST

Here's why Deepak Nitrite jumped 5% today

The terms of the binding term sheet has been disclosed

Business Desk
Deepak Nitrate Ltd
Deepak Nitrate Ltd | Image:Deepak Nitrate Ltd

Deepak Nitrite shares surged 4.50 per cent to hit an intraday high of Rs 2,392 after directors of its wholly-owned subsidiary, Deepak Phenotics Limited (DPL), approved a binding term sheet between DPL and Petronet LNG Limited (PLL).

The terms of the binding term sheet states off-take of 250 KTPA of Propytene and 11 KTPA of Hydrogen by PLL to DPL for a period of 15 years, from the date of first supply of Propytene and Hydrogen, as per an exchange filing.

In the quarter ending September, Deepak Nitrite Ltd posted a 17.5 per cent year-on-year (YoY) rise in net profit to Rs 205.1 crore, as against Rs 174.5 crore in the same period last year, as per the company's exchange filing.

The revenue from operations for the company fell 9.4 per cent to Rs 1,778.1 crore, as compared to Rs 1,961.7 crore in the last fiscal year.

The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) rose by 11.6 per cent to Rs 302.3 crore, as against Rs 270.9 crore in the corresponding period previous year.

As of 10:14 am, Deepak Nitrite Ltd shares were 3.20 per cent higher at Rs 2,632 per share.

Published December 20th, 2023 at 11:14 IST

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