Deep Industries jumps after receiving ONGC contract

Deep Industries rose 5.45% to Rs 130.50 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 March 2019.

Meanwhile, the S&P BSE Sensex was up 392.83 points, or 1.06% to 37,446.93.

On the BSE, 33,000 shares were traded in the counter so far compared with average daily volumes of 13,000 shares in the past two weeks. The stock had hit a high of Rs 135 and a low of Rs 126 so far during the day. The stock hit a 52-week high of Rs 178.70 on 11 April 2018. The stock hit a 52-week low of Rs 79.10 on 6 July 2018.

The contract is for charter hiring of one 1000-HP mobile drilling rig for ONGC Ahmedabad asset for a period of 3 years. The total estimated value of the said award is approximate Rs 91.75 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 caters to the demand for oil and gas industry by providing various equipment and services under rental and chartered-hire basis.

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