Jindal Drilling receives order from ONGC for charter hire

Jindal Drilling & Industries Ltd has announced that recently, the Company has been awarded an order for charter hire of its new built cantilever offshore Jackup RIG (Virtue-1) from ONGC Ltd for 5 years contract at a day rate of around USD 148,000/- per day. The said RIG is getting constructed by Keppel Fels, Singapore and is scheduled to be delivered in December, 2008 and will by deployed for operations under this contract immediately thereafter.

With this, the financial performance of the Company will substantially improve in the coming years.

The stock closed the day at Rs.820.95, up by Rs.66.50 or 8.81%. The stock hit an intraday high of Rs.829.85 and low of Rs.752. The total traded quantity was 54609 compared to 2 week average of 5004.

Source : Equity Bulls

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