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The shares of Deep Industries surged 16% to Rs 89.25 on the NSE in early morning trades after the company announced that it has signed a contract with the state-owned oil exploration & production company Oil and Natural Gas Corporation (ONGC).
The company has signed the contract with ONGC for hiring of gas dehydration system for 5 production installations at their Rajahmundry assets for a period of 3 years, Deep Industries said in a statement.
The value of the contract is Rs 278.19 crore, the company added.
The stock hit a high of Rs 91.75 so far and has seen more than a two-fold jump in trading volumes. Till 0939 hours, a combined 1.23 million shares changed hands on the counter on the NSE and BSE.
The company has signed the contract with ONGC for hiring of gas dehydration system for 5 production installations at their Rajahmundry assets for a period of 3 years, Deep Industries said in a statement.
The value of the contract is Rs 278.19 crore, the company added.
The stock hit a high of Rs 91.75 so far and has seen more than a two-fold jump in trading volumes. Till 0939 hours, a combined 1.23 million shares changed hands on the counter on the NSE and BSE.
