Deep Industries touches new 52-week high on bagging order from ONGC

13 Jul 2023 , 11:02 AM

Deep Industries’ stock touched a new 52-week high in early trade on July 13 after the company received an order from ONGC.

Deep Industries said that it has received a Letter of Award (LoA) from Oil and Natural Gas Corporation Limited on 12 July for the charter hiring of one 90 MT Mobile Drilling Rig with Integrated Mud Services and METP with Manpower for a three-year period for CBM Asset, Bokaro.

The order is estimated to be valued at approx. Rs 130 crore.

Deep Industries will supply a complete drilling rig and equipment that meets the broad and general standards outlined in the tender document’s technical specifications.

The company is expected to execute the contract within a period of 3 years from the commencement.

Breitling Drilling Private Limited became a subsidiary of the company after the company recently acquired a 74% equity stake in it.

At around 10.57 AM, Deep Industries was trading 5.79% higher at Rs 207.50, against the previous close of Rs 196.15 on NSE. The counter rose to a 52-week high of Rs 219.40.

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