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Deep Industries at 52-week-high after Oil India order win

Deep Industries at 52-week-high after Oil India order win

Deep Industries at 52-week-high after Oil India order win
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By CNBCTV18.com Oct 10, 2022 1:21:59 PM IST (Updated)

Deep Industries shares have doubled this year.

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Shares of Deep Industries hit a 52-week high of Rs 322.50 on Monday after receiving an order worth Rs 72 crore from state-run Oil India.

The company in a regulatory filing on Saturday said that it had received a letter of award from Oil India for charter hiring of two Workover Rigs (550 HP- 750 HP capacity) for a period of three years.

Shares are outperforming the benchmarks Sensex & Nifty, which are down over 1 percent each.

Deep Industries Ltd. focuses on providing Air & Natural Gas Compressor Services on a chartered hire basis. It also provides workover and drilling rig services. The company holds a fleet of onshore workover and drilling rigs, ranging from 150 HP TO 1500 HP.

The company has also forayed into the exploration and production segment. Deep Industries operates onshore oil and natural gas blocks, and coal bed methane blocks awarded through various bidding processes.

Last month, the National Company Law Tribunal (NCLT) approved the resolution plan for Dolphin Offshore submitted by Deep Industries. The plan will be binding on the corporate debtors and Deep Industries' employees, members, creditors, and other stakeholders. The resolution plan is worth Rs 27 crore.
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