The chemical maker's stock has more than doubled in stock price from the beginning of the year. The stock had risen from Rs 375.20 to Rs 756.05 (till Monday, August 24) gaining 101.5 per cent in that period. In comparison, the benchmark S&P BSE Sensex has returned -6.06 per cent in the same time frame.
The latest rally in the stock came after the Directorate General of Trade Remedies (DGTR), on August 20, recommended imposing provisional anti-dumping duty on phenol imports from Thailand and the United States. According to reports, Deepak Phenolics, Hindustan Organics and SI Group had approached DGTR complaining that they had to sell phenol below cost of production due to rise in imports. India imports around $600 million worth of phenol every year.
The latest rally in the stock came after the Directorate General of Trade Remedies (DGTR), on August 20, recommended imposing provisional anti-dumping duty on phenol imports from Thailand and the United States. According to reports, Deepak Phenolics, Hindustan Organics and SI Group had approached DGTR complaining that they had to sell phenol below cost of production due to rise in imports. India imports around $600 million worth of phenol every year.
For the June quarter of 2020-21 (FY21), Deepak Nitrite's standalone revenues de-grew by 36 per cent year-onyear (YoY) to Rs 355 crore. The company attributed the dip to nationwide lockdown caused by Covid19 pandemic, saying "effective capacity utilization in the quarter was around 65 per cent,". Net profit dipped 40.7 per cent YoY to Rs 63.61 crore