Morgan Stanley Double Upgrade Sends Deepak Nitrite to Two-Year High

Deepak Nitrite shares rose to a two-year high after Morgan Stanley double-upgraded the stock from "underweight" to "overweight." The brokerage upgraded its price target to ₹2,985, suggesting a 22% potential upside. Morgan Stanley mentioned Deepak Nitrite's biggest investment cycle so far, which can fuel the next leg of re-rating. The firm will double its base earnings by 2028 to become India's largest producer of integrated phenolics. With a multi-year pipeline of close to $1 billion in investments in progress, analysts see more outperformance from industry-leading numbers and top-quartile returns. The stock gained 6.5% to ₹2,618.85, going positive for the year.
Source: CNBC TV18