Deep Inds rises after award of contract from ONGC

Deep Industries rose 3.71% to Rs 142.50 at 14:16 IST on BSE after the company said it has received letter of award of contract from ONGC.

The announcement was made during trading hours today, 12 April 2019.

Meanwhile, the S&P BSE Sensex was up 160.12 points, or 0.41% to 38,767.13.

On the BSE, 3276 shares were traded in the counter so far compared with average daily volumes of 6066 shares in the past two weeks. The stock had hit a high of Rs 143.20 and a low of Rs 137 so far during the day. The stock hit a 52-week high of Rs 177.80 on 12 April 2018. The stock hit a 52-week low of Rs 79.10 on 6 July 2018.

Deep Industries said it has received letter of award (LoA) from ONGC for charter hiring of 01 No. of 50 MT work over rig for Ahmedabad asset for category-2 for a period of three years. The total estimated value of the said award is approximate Rs 18 crore.

Net profit of Deep Industries declined 18.34% to Rs 15.01 crore on 19.11% decline in net sales to Rs 60.39 crore in Q3 December 2018 over Q3 December 2017.

Deep Industries has grown up to be a "one stop solution" provider for every need in oil and gas field operations by catering various equipment and services under rental and chartered-hire basis.

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