Deep Industries gains after incorporating overseas subsidiary

Deep Industries rose 1.87% to Rs 231.45 at 09:21 IST on BSE after the company said it has incorporated a subsidiary company, Deep International DMCC, in Dubai on 7 January 2018.

The announcement was made after market hours yesterday, 8 January 2018.

Meanwhile, the S&P BSE Sensex was up 6.58 points, or 0.02% to 34,359.37. The S&P BSE Small-Cap index was up 4.49 points, or 0.02% to 19,900.26.

On the BSE, 8,298 shares were traded in the counter so far, compared with average daily volumes of 26,000 shares in the past two weeks. The stock had hit a high of Rs 235 and a low of Rs 230 so far during the day. The stock had hit a record high of Rs 343.70 on 30 March 2017 and a 52-week low of Rs 192 on 11 August 2017.

The small-cap company has equity capital of Rs 32 crore. Face value per share is Rs 10.

Net profit of Deep Industries rose 5.3% to Rs 18 crore on 9.1% rise in net sales to Rs 73.63 crore in Q2 September 2017 over Q2 September 2016.

Deep Industries is engaged in business of oil and gas services, exploration and production.

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