Deepak Nitrite encountered a minor setback in the market, with its shares opening flat and subsequently dropping by nearly 2% to Rs 2088 from the previous close of Rs 2119.50. The decline follows the board of directors’ decision, made on October 4, 2023, to greenlight the incorporation of a new wholly-owned subsidiary.
As part of this expansion move, Deepak Nitrite plans to invest up to Rs 5 Crores in the Equity Capital of the proposed Wholly-Owned Subsidiary (WOS) in one or more tranches.
The WOS is set to focus on providing a range of services including Project Engineering, Procurement, Construction, Commissioning, Management, and Consultancy. This strategic expansion underscores Deepak Nitrite’s commitment to diversification and growth in its business portfolio.
