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Deepak Nitrite share price rises after clarification on Gujarat govt's notice

Stock market today: Deepak Nitrite management hailed the prompt and professional initiatives by the government authorities' desire to restart the plant only after stability studies / other necessary compliances are done. (PTI)Premium
Stock market today: Deepak Nitrite management hailed the prompt and professional initiatives by the government authorities' desire to restart the plant only after stability studies / other necessary compliances are done. (PTI)

  • Deepak Nitrite share price today opened upside and hit intraday high of 1854 apiece on NSE, logging near 4 per cent rise on Friday's early morning deals

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Stock market today: Deepak Nitrite share price today ascended near 4 per cent in early morning deals as the company issued clarification on the media reports about Gujarat Government's closure notice over Nandesari explosions. Deepak Nitrite share price today opened with an upside gap and went on to hit intraday high of 1854 per share levels on NSE. 

Replying to the clarification sought by the Indian exchanges, Deepak Nitrite said that the Gujarat Government wants to restart the plant only after stability studies / other necessary compliances are done and they too find these satisfactory for safe restart, which is in sync with the company's desire that the chemical intermediate maker already mentioned in its exchange communication immediately after the fire breakout at the warehouse of its Nandesari Plant in Vadodara, Gujarat. 

Deepak Nitrite's clarification went on to add that the company has already informed the concerned authorities, the cause of fire is being investigated and that the manufacturing operations shall be resumed after clearance of the damaged warehouse and that the Company is committed to extend all assistance to the relevant authorities investigating the matter.

"We appreciate the prompt and professional initiatives by the government authorities wherein they have echoed similar desire i.e. to restart the Plant only after stability studies / other necessary compliances are done and they too find these satisfactory for safe restart. Other government authorities have asked similar satisfaction to confirm safe restart of the Plant. We are confident that the regulatory authorities upon finding these reports satisfactory as welt as all other compliances met with would be prompt in allowing us to restart the Plant."

Deepak Nitrite management reiterated in its clarification that the chemical company is in the process of ascertaining the impact of the incidence and that both loss of assets as well as loss of business are covered under insurance adding, "The Company has promptly informed about all major developments with regard to the said incidence in due compliance of provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and shall continue to do the same."

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