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Deep Industries Ltd receives 2 orders from ONGC Ltd valued at Rs. 183.50 crores

Posted On: 2019-03-13 21:21:57

Deep Industries Ltd has received 2 orders from ONGC Ltd.

The 1st Order is for deployment of 1 number of 1,000 HP Drilling Rig for ONGC Ahmedabad Asset for a period of 3 years. The approximate value of the said contract is Rs. 91.75 Crores calculated at exchange conversion rate equals to 70 Rupees per 1 US Dollar.

The 2nd Order received today is also for deployment of 1 number of 1,000 HP Drilling Rig for ONGC Ahmedabad Asset for a period of 3 years. The approximate value of the said contract is same Rs. 91.75 Crores calculated at exchange conversion rate equals to 70 Rupees per 1 US Dollar.

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

Commenting on the said order, Mr. Paras Savla, Chairman and Managing Director said, "These are prestigious orders for Deep industries. 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. Indian Oil-Gas majors have started issuing orders after a long hiatus and we believe this is positive for our Industry and our company in particular. This order inflow coupled with our growing orderbook in the overseas Oil-Gas services segment give us good revenue visibility for the next couple of years."

Deep Industries continues to participate in the growing services business in India as well as Overseas. With its proven abilities and superior execution capabilities Deep Industries is confident to emerge as a significant beneficiary of the vast opportunities offered by the domestic as well as the international market. Deep Industries intends to provide the best quality oil and gas services and is committed to bringing innovative solutions for the Oil & Gas Industry to be a one-stop solution provider.

Shares of DEEP INDUSTRIES LTD. was last trading in BSE at Rs.142.4 as compared to the previous close of Rs. 143.2. The total number of shares traded during the day was 15870 in over 486 trades.

The stock hit an intraday high of Rs. 144 and intraday low of 138. The net turnover during the day was Rs. 2244030.

Source: Equity Bulls

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