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Oil And Gas Stocks Jump 10% In Trade: Here's Why
The Nifty has recovered in trade, after falling for 5 consecutive trading sessions. Here are a few stocks that bucked the weakish sentiments and have jumped upto 10 per cent in trade. All of these stocks are related to the oil and gas related services. The rally in these stocks was after crude oil prices surged 3.1 percent to settle at $52.24, the highest closing level since April, 2017.
Deep Industries
Shares in Deep Industries has rallied 10 per cent in trade on the back of heavy volumes. The stock which closed at Rs 212.75 on Monday has jumped and is trading at Rs 235.
The shares are seeing heavy volumes. Deep Industries is a services provider for the oil and gas industry. It provides workover & drilling rig services on chartered hire basis. Currently, the company holds a strong fleet of Onshore Workover & Drilling Rigs ranging from 150 HP to 1500 HP.
Check stock quote of Deep Industries here
Dolphin Offshore
Dolphin Offshore is a leading provider of underwater services to the Indian oil and gas industry.
Oil and gas related service providers are in the limelight and Dolphin Offshore too has rallied as energy stocks gained in the US. The shares of the company are up 12 per cent at Rs 98.50. Again, there are heavy volumes in the counter.
There is no specific news pertaining to the company and the rally in the shares largely seems to be driven over a sentimental rally in oil and gas stocks.
Aban Offshore
Joining the list of a surge in oil and gas stocks was Abban Offshore. The shares of the company were up 7.67 per cent, like all companies from the space. There were heavy volumes changing hands in the counter. The company is one of the top players in the oil and gas drilling space. Aban Offshore currently possesses eighteen offshore drilling and production units spiraling and is among the top ten offshore drilling asset owners in the world. The shares of the company were last trading at Rs 192.30.
Check stock quote of Aban here
Oil Country Tubular
Oil Country Tubular was up 7 per cent in trade today. The stock was last trading hands at Rs 46.60. Oil Country Tubular is a producer of tubular goods and drilling products for the oil and gas industry.
The products of the company include drill pipe, heavy weight drill pipe, tubing, casing etc. If sentiments for the oil and gas stocks continue, there is no doubt that the stock of oil and gas companies shall also rally.
Check stock quote of Oil Country here
Disclaimer
This article is strictly for informational purposes only. It is not a solicitation to buy, sell in securities or other financial instruments. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and the author of this article do not accept culpability for losses and/or damages arising based on information in this article.
