Deep Industries spurts as subsidiary to get 25% participating interest and joint ownership in CBM Block

Deep Industries gained 5.73% to Rs 169.80 at 09:51 IST on BSE, after the company said that its subsidiary will get 25% participating interest along with joint ownership in a CBM Block in North Karanpura.

Meanwhile, the S&P BSE Sensex was up 177.01 points or 0.71% at 25,028.84

On BSE, so far 31,566 shares were traded in the counter as against average daily volume of 1.59 lakh shares in the past one quarter. The stock hit a high of Rs 172 and a low of Rs 167 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 7 January 2016, falling 16.53% compared with 2.66% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 14.98% as against Sensex's 8.08% fall.

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

Deep Industries said it has on 6 January 2016 received a letter from ONGC dated 5 January 2016 in which ONGC informed that it has received the approval of Ministry of Petroleum and Natural Gas for transfer of 25% participating interest (PI) along with joint ownership of a CBM Block in North Karanpura to Prabha Energy (PEPL), a subsidiary of Deep Industries. The announcement was made at the fag end of market hours yesterday, 7 January 2016, when the stock dropped 8.33% to settle at Rs 160.60.

Deep Industries' net profit surged 50.6% to Rs 8.01 crore on 34.6% growth in net sales to Rs 34.24 crore in Q2 September 2015 over Q2 September 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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