Deepak Nitrite

The markets continued their downward trend, losing nearly half a percent as part of the ongoing correction.

ONGC, Oil India, GNFC, Tata Chemicals and Sun Pharma are among the 9 stocks that could rally up to 20%, suggests technical charts. Check key support and resistance levels for these stocks here.

Government initiatives like 'Aatmanirbhar Bharat' and 'Make in India' aim to reduce import dependence and bolster domestic manufacturing, further strengthening the sector's growth trajectory

Deepak Chem Tech, a wholly-owned subsidiary of Deepak Nitrite, on Wednesday said it has inked an agreement with the Gujarat government to invest around Rs 9,000 crore to establish projects at Dahej. Under the memorandum of understanding, the company will invest Rs 9,000 crore to set up units to manufacture chemicals at Dahej, expected to commence operations in 2027, Deepak Chem Tech (formerly Deepak Clean Tech) said in a regulatory filing. This investment is likely to create about 1,300 direct and indirect employment opportunities, it added. Earlier, the company had expressed its intention to invest around Rs 9,000 crore during Vibrant Gujarat Global Summit 2024 held on January 10-12. The proposed investment will help the country reduce its imports, the company said.

Deepak Chem Tech, a wholly-own subsidiary of Deepak Nitrite, has signed MoU with the government of Gujarat with an intent to invest around Rs 5,000 crore over the next 4 years

Life Insurance Corporation on Thursday announced buying additional stake in speciality chemicals maker Deepak Nitrite to take its overall shareholding in the company to over 5 per cent. The Corporation's shareholding in Deepak Nitrite has increased from 67,88,327 to 68,58,414 equity shares, increasing its stake from 4.977 per cent to 5.028 per cent of the paid up capital of the said company, LIC said in a regulatory filing on Wednesday. The increase of 0.051 per cent was at an average cost of Rs 2074.49 per piece. This is an investment in the ordinary course of transaction through open market purchase, LIC said. Deepak Nitrite is manufacturer of organic, inorganic, fine and speciality chemicals. Shares of LIC closed at Rs 619.30 apiece on BSE, down by 0.30 per cent from previous close. Deepak Nitrite scrip ended at Rs 2008.05 apiece, down by 3.29 per cent.

Stocks to Watch today: Uber has decided to put its entire 7.8 per cent stake in Zomato on the block, according to sources.

In the past one week, the stock price of Deepak Nitrite has declined 16 per cent after the company's manufacturing facility in the Nandesari GIDC area in Vadodara caught a massive fire.

Flames brought under on Thursday night, first aid treatment for injured

The Company said it has kept all concerned authorities informed and the plant operations are expected to resume in a day or two upon clearance of damaged warehouse.

Stocks to Watch: Aether Industries will be in focus as the speciality chemical maker is set to make its debut on the bourses today. The issue price has been fixed at Rs 642 per share.

Wipro will be in focus as the company's board will meet on March 25 to consider an interim dividend.

The Russia-Ukraine crisis has sprung up worries for the sector yet again as analysts say margins of chemical companies will be impacted due to the rise in prices of crude oil

In Q3FY22, its PAT was up 12 per cent at Rs 242 crore, on stable operational performance, partly bolstered by sharp reduction in finance costs owing to repayment of high-cost debt.

The company posted a net profit of Rs 242.46 crore for the quarter against Rs 216.56 crore in the year-ago quarter

The stock price has broken out on the daily chart where it has closed at highest levels since May 06, 2021 with higher volumes

India is emerging as a hub for specialty chemicals, helped by favorable policy measures.

However, they remain positive on the sector's long-term growth story on the back of ramp-up in China's environmental inspections and specialty chemical players having a healthy margin of safety

Going forward, growth over the medium term will be driven by trecovery in demand from Basic Chemical (BC) and Performance Product (PP) segments and continued steady outlook for FSC and Phenol segments

Shares of Reliance Industries and Future Group companies could react after the Delhi High Court upheld the Emergency Award that Amazon had won against Future Retail-RIL deal