Deepak Fertilisers is up in the green today after news came in that its subsidiary, Smartchem Technologies Limited invested Rs 2,200 crore in its Technical Ammonium Nitrate (TAN) plant in Gopalpur, Odisha.

This plant will have a capacity of 377 KTPA for manufacture of Technical Ammoniun Nitrate.

The project is expected to be completed by August 2024, 50% of the engineering work is already completed and the piling work will begin from January 2022. It is strategically located near the major mining hubs and the Gopalpur port to capture domestic demands and tap into export opportunities.

The plant is expected to generate employment for 1,500 people during the project phase and 325 people during the operation phase. Additionally, the project will contribute Rs 3,000 crore in GST and Rs 1,100 crore in Income Tax to the exchequer over 10 years.  The plant is expected to generate 4.5 MW power from the waste heat steam.

The stock has reacted positively to this news, it opened 3% higher today, rising 6% to an intraday high at Rs.389.90.