Energy Sector Stock Receives Rs 130 Crores LOA From ONGC, Shares Hit 52-Week High, Rallies 5.37%

On Jul 12, 2013, Deep Industries Limited informed the stock exchange that the Company has received LOA from Oil and Natural Gas Corporation Limited (ONGC). The LOA is for Charter Hiring of 1 numbers of 90 MT Mobile Drilling Rigs with Integrated Mud Services & METP with Manpower for 3 years for CBM Asset, Bokaro. The total estimated value of the said award is approx. Rs 130 Crores.

Deep Industries is a small-cap energy sector company that operates in the Oil, Gas & Consumable Fuels industry.

Letter of Award from Oil and Natural Gas Corporation Limited

According to an exchange filing by Sterlite Technologies Ltd., "With reference to the captioned subject we would like to inform you that the Company has received Letter of Award from Oil and Natural Gas Corporation Limited today i.e on 12-07-2023 for Charter Hiring of 1 numbers of 90 MT Mobile Drilling Rigs with Integrated Mud Services & METP with Manpower for a period of 3 years for CBM Asset, Bokaro. The total estimated value of the said award is approximately INR 130 crores."

Stock Outlook

Currently, the shares of Deep Industries trading at Rs 207.55 per share, with an intraday high of 220.05 per share and an intraday low of 204.80 per share. The stock hit a new 52-week high at Rs 220.05 per share on Jul 13, 2023, while it hit its 52-week low on Aug 11, 2022, at Rs 88.55 per share.

The stock jumped 15.18% in the past 1 week, while 17.99% in the past 2 weeks. It witnessed a 14.32% jump in price in the past 1 week, while 44.18% in the past 1 month. It gave a multibagger return of 117.56% in the past 1 year and 319.89% in the past 2 years, respectively. The stock was listed on Apr 27, 2021, on the stock exchange.