Buy Deepak Nitrite, target price Rs 2420: Chandan Taparia

Chandan Taparia of Motilal Oswal has buy call on Deepak Nitrite with a target price of Rs 2420. The current market price of Deepak Nitrite Ltd. is Rs 2318.75. Time period given by analyst is Intra Day when Deepak Nitrite Ltd. price can reach defined target.

Deepak Nitrite Ltd., incorporated in the year 1970, is a Mid Cap company (having a market cap of Rs 31375.86 Crore) operating in Chemicals sector.

Deepak Nitrite Ltd. key Products/Revenue Segments include Fine Chemicals, Export Incentives, Scrap, Sale of services and Other Operating Revenue for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 1748.02 Crore, up 3.45 % from last quarter Total Income of Rs 1689.78 Crore and up 41.02 % from last year same quarter Total Income of Rs 1239.57 Crore. Company reported net profit after tax of Rs 242.46 Crore in latest quarter.

Investment Rationale
Stock surpassed its immediate previous hurdle and has been making higher highs over four weeks.

Promoter/FII Holdings
Promoters held 45.69 per cent stake in the company as of 31-Dec-2021, while FIIs owned 8.84 per cent, DIIs 10.74 per cent.