Jindal Drilling stock flies 6% after commencing Ops with ONGC on oil rig

Jindal Drilling and Industries share price jumped 5.69 per cent at Rs 635.80 per share on the BSE in Wednesday’s intraday trade. This came after the company said that the oil rig ‘Jindal Supreme’ owned by the company has commenced operations with Oil and Natural Gas Corporation Limited (ONGC). The project will last for a period of three years at an Effective Day Rate (EDR) of $86,327.

Jindal Drilling & Industries Limited, established by the D P Jindal Group on October 17, 1983, specialises in manufacturing seamless casing pipes and conducting offshore oil well drilling activities. 

The company provides services to organisations engaged in oil and gas exploration and performs drilling operations for ONGC using leased jack-up drilling rigs, as well as mud-logging operations. 

Additionally, it offers rethreading of casing pipes on a job-work basis for ONGC and OIL, trades in steel pipes, and heat-treats cold processes while finishing seamless pipes.

Jindal Drilling & Industries share price history

Jindal Drilling & Industries has underperformed the market year to date as it has fallen 18 per cent, while losing 1 per cent in the last one year. In comparison BSE Sensex has risen 13 per cent year to date and 23.5 per cent in a year. 

The company has a total market capitalisation of Rs 11,909.83 crore. Its shares are trading at a price to earnings multiple of 10.27 times and at an earning per share of Rs 43.44. 

At 10:41 AM, the stock price of the company was up by 3.90 per cent at Rs 463.45 a piece on the BSE. By comparison, the BSE Sensex was down 0.13 per cent at 81,716.69 level.

Jindal Drilling & Industries financials

Jindal Drilling & Industries reported a revenue increase of 108.03 per cent year-on-year, reaching Rs 204.99 crore in the first quarter of financial year 2024-25 (Q1FY25). However, the revenue declined by 1.69 percent sequentially.

The company's net profit surged 263.38 per cent compared to the same period last year, totaling Rs 43.86 crore, and saw an impressive quarterly increase of 392.4 per cent.