Deepak Nitrite reputed chemical company with a wide product basket. Its subsidiary Deepak Phenolics is India’ largest and only manufacturer of phenol in the country. Increased environment oversight in China, the world’s largest chemical exporter, has resulted in lesser competition and higher realizations and that benefited Indian chemical companies such as Deepak Nitrite. We expect this trend to continue particularly in a post covid world as consumers move away from China as sole supplier. We have a positive outlook and neutral weight rating despite reasonable valuations as there is risk of correction in end product prices and catching up of base of earlier quarters. Management’s strategy to move up the value chain should be closely watched – 06-08-2021 Price : 2119.95 Rating: Neutral Weight Recommendation : Hold
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