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Deep Industries bags award worth Rs 68 cr from ONGC

Capital Market 

Deep Industries received a letter of award from Oil and Natural Gas Corporation (ONGC) for hiring of CBM Gas Compression and CO2 removal facilities for a period of three years from GCS - Bokaro, CBM Asset, ONGC, Bakaro worth approx. Rs 67.99 crore.

On a consolidated basis, Deep Industries' net profit stood at Rs 21.33 crore in Q2 FY22 as compared to a net loss of Rs 2.04 crore in Q2 FY21. Net sales stood at Rs 91.27 crore in Q2 September 2021, registering a 95.9% growth from Rs 46.60 crore in Q2 September 2020.

Deep Industries has grown up to be a "one stop solution" provider for every need in oil and gas field operations by catering various equipment and services under rental and chartered-hire basis.

Shares of Deep Industries rose 0.07% to Rs 143.50 while Oil and Natural Gas Corporation (ONGC) declined 2.17% to Rs 143.95 on BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, November 29 2021. 15:29 IST