Oil explorers firm in focus; Jindal Drilling hits 52-week high

Alphageo, Jindal Drilling, Selan Exploration and Aban Offshore were up 5%-20% on the BSE.

Shares of companies engaged in oil exploration and related business rallied by up to 20% on the bourses on the back of heavy volumes.

Alphageo (India) has rallied 20% at Rs 660 on the BSE after the company announced that it has received letters of award for contracts from Oil And Natural Gas Corporation of India (ONGC) for an estimated value of Rs 1,482 crore.

“The company has been issued various letters of award of contracts by ONGC for acquisition of 2D seismic data in un-appraised on land areas of India sedimentary basins of India as part of National Seismic Program by March 2019. The estimated total value of the awards received is about Rs 1,482 crore inclusive of taxes,” Alphageo (India) said in a BSE filing.

Jindal Drilling & Industries has surged 19% to Rs 196, also its 52-week high on the BSE in intra-day trade. The trading volumes on the counter jumped more than 10-fold with a combined 541,276 shares changed hands on the BSE and NSE till 02:27 PM.

Selan Exploration Technology (up 11% at Rs 206), Aban Offshore (6% at Rs 208), Dolphin Offshore Enterprises (5% at Rs 91) and GOL Offshore (4% at Rs 43) were up between 4%- 11% on the BSE.

Meanwhile, Brent oil on Monday rose as much as 2.4% to $50.83 a barrel, the highest intra-day level since November 4, amid signs the market is rebalancing, the Bloomberg report suggests. CLICK HERE TO READ FULL REPORT.