Deep Inds rises on bagging LoA from ONGC for Rs 106 cr

Deep Industries advanced 1% to Rs 277.55 after the company said that it has received a letter of award (LoA) from Oil and Natural Gas Corporation (ONGC) for hiring of 1000 horse power (HP) mobile drilling rigs for Ahmedabad asset for period of 3 year

The company will provide mobile drilling rigs of 1000 HP and equipment together with providing of manpower in terms of roustabouts etc for maintaining the mud systems as per the requirement of the job.

The total estimated value of the project is approximately $12.93 million, equivalent to around Rs 106 crore.

Deep Industries is engaged in the business of prospecting, exploring, developing, opening and working mines, drilling and sinking shafts or wells and to pump, refine raise, dig and quarry coal bed methane, minerals, ores, gases such as methane gas.

The company's consolidated net profit jumped 44.6% to Rs 24.61 crore on 30% rise in net sales to Rs 98.06 crore in Q3 FY23 over Q3 FY22.

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