Deep Industries gains after ONGC order.

Deep Industries jumped 7.70% to Rs. 202.80 after the company received Letter of Award from ONGC worth Rs. 150.24 crore ($19.02 million).

The order pertains to charter hiring of two 1000 HP mobile drilling rigs for a period of three years.

The company reported a consolidated net profit of Rs. 17.21 crore as against a net loss of Rs. 1.42 crore in Q4 FY22 over Q4 FY21. Net sales jumped 38.7% YoY to Rs. 83.97 crore during the quarter ended 31 March 2022.

Deep Industries is engaged in the business of prospecting, exploring, developing, opening and working mines, drilling and sinking shafts or wells and to pump, refine raise, dig and quarry coal bed methane, minerals, ores, gases such as methane gas.

BS