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Alphageo (India) surges over 10% in two-days on winning contract from Oil India

The company said it has been awarded Rs 10.42 crore contract from Oil India.

SI Reporter  |  Mumbai 

Oil refinery image via Shutterstock.

Alphageo (India) has surged 9% to Rs 528 in otherwise weak market, extending is previous day’s gain on NSE, after the company said it has been awarded Rs 10.42 crore contract from the state-owned oil exploration and production firm Oil India.

“The company has been awarded a contract for 3D Seismic Data Acquisition (Seisloop Based Survey) in the state of Mizoram for an estimated contract value of Rs 10.42 crore from Oil India, Duliajan, Assam”, Alphageo (India), oil equipment and services company said in a statement on December 24.

In past two trading sessions, the stock rallied 11% from Rs 474 on December 23, as compared to 1% decline in the benchmark CNX Nifty.

The stock opened at Rs 488 and hit a high of Rs 539 on NSE. The trading volumes on the counter more than doubled with a combined around 66,000 shares changed hands against an average sub 30,000 shares that were traded daily in past two weeks.

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First Published: Fri, December 26 2014. 10:27 IST