Deepak Nitrite Secures Long-Term Supply of Propylene and Hydrogen from Petronet LNG in Gujarat
Key Ideas
- Deepak Nitrite's subsidiary approved agreements with Petronet LNG to procure 250 KTPA of propylene and 11 KTPA of hydrogen for 15 years in Gujarat.
- The company reported a 35.1% increase in net profit for the June quarter, with revenue and EBITDA also showing significant growth.
- Deepak Nitrite shares ended higher on the stock market after the announcement of the long-term supply agreements.
- The stock has seen fluctuations but overall gained 35.61% in the past year, indicating investor confidence in the company's prospects.
Deepak Nitrite's wholly-owned subsidiary, Deepak Phenolics Limited, has received approval to enter into definitive agreements with Petronet LNG Ltd to procure 250 KTPA of propylene and 11 KTPA of hydrogen from the Petronet Petrochemical Project in Dahej, Gujarat. The agreements are set to be in effect for 15 years from the first supply date. This move is expected to strengthen Deepak Nitrite's supply chain and enhance its petrochemical operations. Financially, the company has shown impressive performance, with a 35.1% increase in net profit for the June quarter, along with a significant growth in revenue and EBITDA. Despite stock fluctuations, Deepak Nitrite shares ended higher on the stock market following the announcement of the long-term supply agreements. The stock has seen both decreases and increases in the past month but has gained 35.61% in the past year, reflecting positive investor sentiment and confidence in the company's future prospects.