Shares of Deep Industries has rallied 20 per cent to Rs 170 on Thursday in early morning trade, surging 38 per cent in past three trading days on the BSE, after the company received two orders worth Rs 184 crore from Oil and Natural Gas Corporation (ONGC). The said orders would increase revenue visibility for the coming years.
With past three days rally, the stock of integrated oil & gas company has zoomed 115 per cent from its 52-week low price of Rs 79 hit on July 6, 2018. It trading at close to its 52-week high level of Rs 179 touched on April 11, 2018 on the BSE in intra-day trade.
The two orders was for deployment of 2 number of 1,000 HP drilling rig for ONGC Ahmedabad Asset for a period of three years. The approximate value of the said contracts are Rs 91.75 crore each, calculated at exchange conversion rate equals to Rs 70 per 1 US Dollar.
