Alphageo (India) spurts after securing orders from ONGC

Alphageo (India) was locked at 20% upper circuit at Rs 660.10 at 12:57 IST on BSE after the company said it has secured letters of award of contracts from ONGC for an estimated value of Rs 1482 crore.

The announcement was made during market hours today, 7 June 2016.

Meanwhile, the S&P BSE Sensex was up 250.24 points or 0.93% at 27,027.69.

On BSE, so far 75,000 shares were traded in the counter as against average daily volume of 6,071 shares in the past two weeks. The stock hit a low of Rs 580 so far during the day. The stock had hit a 52-week high of Rs 720 on 30 November 2015. The stock had hit a 52-week low of Rs 268 on 24 August 2015.

Alphageo (India) said it has secured various letters of award of contracts from ONGC for acquisition of 2D seismic data in un-appraised on land areas of Indian sedimentary basins of India as a part of the National Seismic Program by March 2019. The estimated total value of the awards received is about Rs 1482 crore inclusive of taxes.

On consolidated basis, Alphageo (India)'s net profit surged 9505% to Rs 19.21 crore on 429.74% growth in net total income from operations to Rs 70.88 crore in Q4 March 2016 over Q4 March 2015.

Alphageo (India) is the largest onshore integrated seismic service provider in the private sector and enjoys a market leadership in seismic survey.

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