Shares of Deep Industries limited rose about 6% during Monday’s trading session to trade at Rs 258.50. Shares rose after the company announced it was receiving awards from oil and gas companies.
The order entails a lease of Balol GGS I gas compression services for a period of three years and the total estimated value of the above contracts is approximately Rs 1,351.9 crore.
According to the BSE filing, the company has received another Rs 431.3 crore order from oil and gas companies to lease gas drying services for ADB GCS and Konaban GCS at ONGC Tripura Asset for a period of two years.
Deep Industries Limited specializes in air and gas compression services, drilling and workover services, and gas dehydration services, with comprehensive project management experience.
The company’s share price rose from Rs 41 in May 2021 to its current level, achieving a multiple return of 525% in just 20 months. An investment of 1 lakh at that time is worth 6.25 lakh today.
The company has evolved into a “one-stop-shop” provider with a product portfolio that includes a wide range of machinery, equipment and tools used in the oil and gas industry, from exploration and production services to refining services.
In the second quarter of fiscal year 2023, the company reported total revenue of Rs 666.7 crore compared to Rs 912.7 crore in the same period last year. Their net income for this period was Rs 16.57 crore, which is also less than Rs 21.32 crore for the same period last year.
The small cap has a market capitalization of Rs 8.22 billion and a dividend yield of 1.27%. Promoters own 63.49% of the shares, and foreign institutional investors (FII) – 2%.
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Post time: Dec-26-2022
