Deepak Fertilisers soars as taxmen end search operations

The stock of Deepak Fertilisers & Petrochemicals Corporation soared almost 17 per cent to touch an intraday high of Rs. 191.9 apiece. This spike was after the company informed the bourses on Thursday that the income tax team has left their offices and the company's normal day-to-day businesses have resumed. 
  
On November 16, the company informed that a team of Income Tax officials conducted search and seizure operations at several offices of Deepak Fertilisers. The company stated that it follows best practices of corporate governance and compliance and that these searches would not have any materially impact on the company's operations. 

In the second quarter of FY19, the Deepak Fertilisers’ net profit slumped ~57 per cent to Rs. 18.51 crore compared to the corresponding quarter of FY18. But its revenue grew by almost 44 per cent yoy to Rs. 1,768.73 crore.

On Thursday, the stock of Deepak Fertilisers which opened at Rs. 166.2 apiece as against its previous close of Rs. 164.3, a surge of 17 per cent. But later it cools down and settled for the day at Rs. 180 apiece, up by almost 9.6 per cent.