Deepak Fert in the green

Deepak Fertilisers is doing well this morning, opening Rs,4 higher at Rs.168 and going on to an intra day high at Rs.170, the current levels around which it now hovers. Volumes are up 1.6 times.

The stock is reacting positively to the news that through its subsidiary Smartchem Technologies, the company is launching an overseas venture for mining services in Brisbane, Australia. This will be a JV, known as Platinum Blasting Services Pty Ltd (Platinum), wherein the Indian subsidiary will hold 65% stake. The company has stated that Platinum, over the next two years, will invest AUD$ 28 million through a mix of debt and equity.