Deep Inds spurts on bagging LoAs for Rs 178 cr

Deep Industries surged 5.61% to Rs 259.85 after the company said that it has received two letter of awards (LoAs) from Oil and Natural Gas Corporation (ONGC) for value aggregating to Rs 178.32 crore.

The first order is for hiring of gas dehydration services for ADB GCS and Konaban GCS for period of two years at ONGC Tripura Asset and the total estimated value of the said award is approximately Rs 43.13 crore.

The second order is for hiring of gas compression services at Balol GGS I for a period of three years and the total estimated value of the said award is approximately Rs 135.19 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 declined 21.8% to Rs 16.55 crore on a 27% decrease in sales to Rs 66.67 crore in Q2 FY23 over Q2 FY22.

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