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Deepak Nitrite surges 4.8% after double upgrade from Morgan Stanley

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Mumbai: Shares of Deepak Nitrite surged 4.8% after Morgan Stanley gave a ‘double-upgrade’ in its rating on the stock to overweight. The brokerage set a price target of ₹2,985 on the stock, implying an upside of about 16% over its Monday closing price of ₹2,560.5.

The brokerage said Deepak Nitrite is in the midst of its largest investment cycle, transitioning into India’s largest, integrated phenolics producer.

“Growth investments across India’s chemicals space are viewed favorably by investors and the market has significantly re-rated DPNT (Deepak Nitrite) in the past, 12-18 months prior, in anticipation of a capex-led earnings upgrade cycle,” said Morgan Stanley analysts Vivek Rajamani, Mayank Maheshwari and Pranitha Shetty in a client note.

Deepak Nitrite Surges 4.8% After Double Upgrade from Morgan StanleyAgencies

“In coming quarters, we expect incremental clarity on these investments, while start up of operational upgrades, capacity debottlenecks and backward integration initiatives and bottoming in the base businesses underpin the next leg in DPNT’s value creation journey.”

Morgan Stanley said Deepak Nitrite’s new (largest yet) investment cycle could drive the next leg of re-rating, similar to the five times ‘value creation’ seen in 2016-19. “Coinciding with this capex cycle is a bottoming of the base business, operational and volume enhancements and a strong balance sheet.”

SROMPL – India’s 1st Import Export Consultant and Branding and Marketing Company,

Welcome to Sromplexport! We’re a company that helps people and businesses import and export products across different countries. Whether you’re looking to source products, manage logistics, or navigate customs regulations, we’ve got you covered. We’re based in Rajkot, Gujarat, India, and we’re committed to providing ethical and transparent service to our clients. We work with industries like textiles, agriculture, and handicrafts, and we’re always happy to build new relationships with people who want to succeed in the import/export world. Thanks for stopping by, and let us know how we can help you!

Sromplexport offers international trade services, including product sourcing, quality control, logistics, and customs clearance. Our ethical and transparent approach simplifies the import/export process for clients in various industries.