Multibagger In 6-Months: Asian Energy Bags LOA From Vedanta Limited, Shares Hit Upper Circuit

Shares of Asian Energy Services Ltd (AESL) hit 5% upper circuit on Wednesday after the company received a Letter of Award (LOA) worth INR 40.91 crores for Seismic Data Acquisition services from Vedanta Limited on August 11, 2023. Current market price of Asian Energy Services share is Rs 141.30 apiece with intraday gain of 4.98% today. The small cap stock operates in gas & petroleum sector. Check details below:

Asian Energy Bags LOA From Vedanta Limited: According to the BSE filing dated August 11, 2023, "Asian Energy Services Limited ("AESL") has received Callout Order from Vedanta Limited for services of acquisition of seismic data in Gujarat. The value of the is INR 40.91 crores. The duration for the work is seven and half months."

Speaking on the development, Kapil Garg, Managing Director, Asian Energy Services Ltd said, "This order from Vedanta Limited is the reflection of our leadership position in the Seismic services field and our strong relationship with clients. This is the third order we have secured recently after orders from ONGC Ltd for Gujarat and GAIL (India) Ltd for Rajasthan in the seismic services field. The work under this order will be completed in current financial year. Our order book for seismic services stands at INR 170 Crores now and our overall order book stands at approximately INR 950 Crores. We are focused and confident to execute these orders in timely manner."

Asian Energy Stock Performance & Return Over Years: Current market price of Asian Energy share is Rs 141.30 apiece on BSE. Its 52-week high price is Rs 151.30 per share and 52-week low price is Rs 51.76 apiece, respectively. It has a market capitalisation of Rs 537.99 crore. Asian Energy shares offered shareholders 39% return in last 3-months, soared 93% YTD, surged 87% in last 1-year, declined 4% in last 2-years, and gave return of 38% in last 3-years.

Vedanta Limited Stock Price: Current market price of Vedanta Limited share is Rs 235.00 apiece with intraday gain of 0.41%. Its 52-week high price is Rs 340.75 per share and 52-week low price is Rs 232.00 per share, respectively. Vedanta Limited shares offered 91% return in last 3-years, declined 11% in last 1-year, and fell 17% in last 1-month only.

Asian Energy Financial Performance: The company for the quarter ended June 30, 2023 declared its consolidated total income at Rs 48.76 crore, up 61.05% as compared to last quarter total income of Rs 30.27 crore. It announced its recent quarter net profit after tax at Rs -3.36 crore.

Asian Energy About: Asian Energy Services Limited (AESL) offers end-to-end services which extend across the entire upstream value chain. AESL's service offerings including 2D and 3D Seismic Geophysical Data Acquisition, Integrated Supply and Installation of Coal Handling Plants and Rapid Loading Systems, as well as the Supply, Commissioning, and integrated Operations and Maintenance (O&M) of Onshore and Offshore Oil and Gas Production Facilities. Since its acquisition by OEPL, AESL has diversified its business verticals to capture more value across the energy and upstream oil and gas value chains, for long term value creation for its investors and shareholders.

Disclaimer: The company received LOA from Vedanta Ltd. Greynium Information Technologies and the Author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.