Iranian contract lifts Dolphin Offshore

DALAL STREET SPIKES

Dolphin Offshore Enterprises hit the five per cent upper circuit on winning a contract worth $13.88 million from an Iranian company.

The stock, in a subdued market, ended up at Rs 203.10 as against its Friday's close of Rs 193.45. The stock, however, was thinly traded with only 3,995 shares changing hands on the BSE. The market seems to have got a sniff of the deal in advance.

The stock was up 5 per cent on Friday and has gained a massive 244 per cent from a low of Rs 59.50 on January 17, 2005, to Monday's close of 203.

Dolphin has been working as a subcontractor to a number of large contractors, including public sector companies, which are being awarded work by ONGC.