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Deep Industries advances after winning contract

Deep Industries gained 1.45% to Rs 282.20 at 10:00 IST on BSE after the company said that it has been awarded a contract from ONGC.

The announcement was made during market hours today, 23 June 2017.

Meanwhile, the S&P BSE Sensex was down 53.84 points, or 0.17% at 31,236.90. The S&P BSE Small-Cap index was down 195.05 points or 1.25% at 15,414.44.

On the BSE, 4,943 shares were traded on the counter so far as against the average daily volumes of 1.77 lakh shares in the past one quarter. The stock had hit a high of Rs 285 and a low of Rs 280.05 so far during the day. The stock had hit a record high of Rs 343.70 on 30 March 2017 and a 52-week low of Rs 162.05 on 24 June 2016.

The stock had dropped 8.68% in four sessions to Rs 278.15 yesterday, 22 June 2017 from a close of Rs 304.60 on 16 June 2017.

The stock had underperformed the market over the past one month till 22 June 2017, falling 9.07% compared with Sensex’s 2.35% gains. The scrip had also underperformed the market in past one quarter, dropping 15.08% as against Sensex’s 7.28% rise. The scrip had, however, outperformed the market in past one year, gaining 58.76% as against Sensex’s 16.91% rise.

The small-cap company has equity capital of Rs 32 crore. Face value per share is Rs 10.

Deep Industries said that the contract is for securing the services of 30 tons workover rig to be deployed in ONGC coal bed methane (CBM) asset, Bokaro. The tenure of the contract is one year and the total estimated value of the contract is Rs 3.72 crore.

Deep Industries’ net profit spurted 81.2% to Rs 23.23 crore on 36.5% increase in net sales to Rs 74.90 crore in Q4 March 2017 over Q4 March 2016.

Deep Industries is engaged in business of oil and gas services, exploration and production.