Deepak Nitrite has "sizeable" gain

Deepak Nitrite announced yesterday after market hours about getting a “sizeable” order from Bayer Crop Science for 2016. The company has not made any mention of the order size but the market is happy enough with “sizeable annual contract” and the stock has spurted up.

With an almost 6 times surge in volumes, the stock is up over 6.5% at Rs.67 with an intra day high at Rs.70. Its 52-week high is at Rs.91.45.

The company has also informed that for current year, 2015, it has received supplier excellence award in performance category from Bayer. Apart from making chemicals, the company has forayed into making pharma intermediaries and the company has said that this is paying off well. It has started offering three new drug intermediaries for antibiotics and decongestant therapeutic segments. It has also made a foray into personal care intermediaries and established annual contracts with various MNCs.

The company is confident that its three segments – agro, pharma and personal care will contribute significantly to the earnings.