Deepak Nitrite has surged 10% to Rs 880 on reports that the company is planning to raise funds for expansion and to repay its debt.
The speciality chemicals unit of the Deepak group is likely to sell stock to existing shareholders in the second quarter. The longer-term plans of the company and methods to fund those plans include the possibility of a rights issue, the Mint report suggests.
Meanwhile, on May 21 2014, the company announced that it has commissioned balance capacities of Optical Brightening Agent (OBA) after completion of successful trial runs of production at its new greenfield plant at Dahej district Bharuch in the Gujarat.
The company, which has nearly doubled its revenues in FY14 to Rs 1,271 crore from Rs 661 crore in FY11, is aiming for a turnover of Rs 2,000 crore in FY16.
The stock opened at Rs 812 and touched a record high of Rs 897 on NSE. A combined 13,050 shares changed hands on the counter in early morning deals on the NSE and BSE.
The speciality chemicals unit of the Deepak group is likely to sell stock to existing shareholders in the second quarter. The longer-term plans of the company and methods to fund those plans include the possibility of a rights issue, the Mint report suggests.
Meanwhile, on May 21 2014, the company announced that it has commissioned balance capacities of Optical Brightening Agent (OBA) after completion of successful trial runs of production at its new greenfield plant at Dahej district Bharuch in the Gujarat.
The company, which has nearly doubled its revenues in FY14 to Rs 1,271 crore from Rs 661 crore in FY11, is aiming for a turnover of Rs 2,000 crore in FY16.
The stock opened at Rs 812 and touched a record high of Rs 897 on NSE. A combined 13,050 shares changed hands on the counter in early morning deals on the NSE and BSE.