Sell Deepak Nitrite, target price Rs 1700: Nuvama Wealth

Nuvama Wealth brokerage has sell call on Deepak Nitrite with a target price of Rs 1700.The current market price of Deepak Nitrite is Rs 1852. Nuvama Wealth brokerage recommended to keep stop loss at Rs 1900.

Deepak Nitrite, incorporated in the year 1970, is a Mid Cap company (having a market cap of Rs 25246.35 Crore) operating in Chemicals sector.

Deepak Nitrite key Products/Revenue Segments include Fine Chemicals, Export Incentives, Sale of services, Scrap and Other Operating Revenue for the year ending 31-Mar-2022.

Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 1973.69 Crore, down -4.54 % from last quarter Total Income of Rs 2067.60 Crore and up 16.80 % from last year same quarter Total Income of Rs 1689.78 Crore. Company has reported net profit after tax of Rs 174.47 Crore in latest quarter.

The company’s top management includes Mr.Deepak C Mehta, Mr.Vipul Shantilal Shah, Mr.Prakash Dinkar Samudra, Mr.Meghav Mehta, Mr.Dileep Choksi, Mr.Sanjay Asher, Ms.Purvi Sheth, Mr.Sandesh Kumar Anand, Mr.Ajay C Mehta, Mr.Sanjay Upadhyay, Mr.Maulik D Mehta, Mr.Punit Sanjay Lalbhai. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-12-2022, the company has a total of 14 Crore shares outstanding.

Investment Rationale
Breakdown from a Bearish Flag and Pole pattern, indicating that bears have been tightening their grip.