Moneycontrol
Last Updated : Mar 18, 2019 02:22 PM IST | Source: Moneycontrol.com

Deep Industries rises 13% on orders win from ONGC

The two orders combined will add approximately Rs 183.50 crore to our order book and increase revenue visibility for the coming years, company said.

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Shares of Deep Industries rose 13 percent in the early trade on March 14 as the company received orders worth Rs 183.50 crore from ONGC, the company said in its exchange filing.

The company received two contracts from ONGC. The first order is for deployment of one 1,000 HP Drilling Rig for ONGC Ahmedabad Asset for a period of three years. The approximate value of the said contract is Rs. 91.75 crore.

The second order is also for deployment of one 1,000 HP Drilling Rig for ONGC Ahmedabad Asset for a period of three years. The approximate value of the said contract is also Rs 91.75 crore.

"The two orders combined will add approximately Rs 183.50 crore to our order book and increase revenue visibility for the coming years," the company said.

Paras Savla, Chairman and Managing Director of Deep Industries said, “India has vast potential to explore in the Oil and Gas space and we believe we will be able to exploit this opportunity on the back of rich experience and track record in the sector.”

At 0921 hours, Deep Industries was quoting at Rs 152.45, up Rs 10.05, or 7.06 percent on the BSE.

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First Published on Mar 14, 2019 09:44 am
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