South West Pinnacle bags 3 new contracts worth Rs36.74 crore; stock jumps ~2%

22 Apr 2022 , 09:43 AM

South West Pinnacle Exploration Limited (SWPEL) is awarded 3 new contracts for an aggregate value of Rs36.74 crore.

The company has received LOI from the Hutti Gold Mines Company Limited, a Government of Karnataka Enterprise, worth Rs7.10 crore. This order is for Surface Diamond Drilling Work at Uti Gold Mine. The company is expected to complete the project in FY2022-23.

It received NOA from ONGC Energy Centre Trust or Hiring of Drilling Rig & Associated Services at Puga Valley in UT of Ladakh worth Rs18.64 crore. The company is expected to complete the project during the current FY2022-23 itself and it’s a niche & prestigious project of Unconventional Oil & Gas. This is SWPEL’s first project in the state of Jammu & Kashmir (Ladakh Region) at an altitude of over 4,000 meters from sea level and is of utmost importance for the company.

It also bagged a purchase order Steel Authority of India (SAIL) for Exploratory Core Drilling Work in Chhattisgarh. The order is worth Rs11 crore. The company is expected to complete the project in May 2024, however, the company strives to complete it in FY2023-24.

At around 9.48 AM, South West Pinnacle was trading at Rs218 per piece, up by Rs3.65 or 1.70% against its previous close of Rs214.35 on NSE. It touched intraday high and low of Rs219.80 and Rs209.15 respectively.