Deep Industries gains after new contract win

Deep Industries gained 7.28% to Rs 137 at 15:19 IST on BSE, after the company received notification of award for hiring of gas dehydration system for four production installations for a period of five years.

The announcement was made during market hours today, 17 March 2016.

Meanwhile, the S&P BSE Sensex was down 34.22 points or 0.14% at 24,648.26

On BSE, so far 5.57 lakh shares were traded in the counter as against average daily volume of 90,549 shares in the past one quarter. The stock hit a high of Rs 148.30 and a low of Rs 131.60 so far during the day. The stock had hit a 52-week high of Rs 215.70 on 19 November 2015. The stock had hit a 52-week low of Rs 45 on 27 March 2015. The stock had underperformed the market over the past one month till 16 March 2016, falling 8.72% compared with Sensex's 6.43% rise. The scrip had also underperformed the market in past one quarter, sliding 32.35% as against Sensex's 3.18% fall.

The small-cap company has equity capital of Rs 29.20 crore. Face value per share is Rs 10.

Deep Industries said that the compnay has received notification of award for hiring of gas dehydration system for four production installations at ONGC Rajamundry Asset viz. Tatipaka GCS, Kesanapalli GCS, KPDA EPT & Endamuru GCS. The total estimated value of the award is Rs 246.88 crore, Deep Industries said.

Deep Industries' net profit surged 139.1% to Rs 13.34 crore on 102% growth in net sales to Rs 52.69 crore in Q3 December 2015 over Q3 December 2014.

Deep Industries is a diversified oil & gas company with business interest in air and gas compression, drilling and work over operations. The company is also into oil & gas exploration and production.

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