November 22, 2018 / 6:14 AM / 8 months ago

BUZZ-India's Deepak Fertilizers and Petrochemicals surges as IT dept completes search ops

** Deepak Fertilizers and Petrochemicals Corp Ltd jumps as much as 17.4 pct to 192.5 rupees, marks its biggest intraday pct gain in over two years

** The fertiliser manufacturer said late Wednesday that Income Tax department had concluded their search and seizure operations at their offices

** Co added it does not expect any material adverse impact

** Co announced that IT dept carried out ops last Friday, but did not divulge further details; since then shares dropped around 10 pct as of last close

** Around 3 mln shares change hands, 21 times their 30-day avg of about 141,116 shares

** Stock has estimated PE of 5.61, well below sector average of 22.13

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