Shares of Deep Industries, an Ahmedabad-based oil and gas company specializing in drilling, exploration, and production activities, surged by as much as 18% to intra-day high of Rs 473.50 on Monday following the announcement of a major order win.
Order Details
The company disclosed over the weekend that it had secured an order worth ₹1,402 crore from Oil and Natural Gas Corporation (ONGC) for production enhancement operations. This contract, which pertains to operations in mature fields at Deep Industries’ Rajahmundry asset, is the largest in the company’s history and will span 15 years.
The value of this new order is equivalent to approximately 50% of Deep Industries’ current market capitalization, which stands at Rs 2,800 crore. Additionally, the order’s value exceeds the company’s existing order book, which was valued at RS 1,246 crore as of June 30, 2024.
Stock Performance in Last One Year
Deep Industries shares have delivered positive returns across various time frames. Over the last month, the stock has shown a positive return of 40.27%, indicating short-term growth. In the last six months, the performance has been even more impressive, with a substantial increase of 83.99%, showcasing the stock’s resilience and upward momentum.
Year-to-date, Deep Industries shares have surged by 81.69%, emphasizing the stock’s positive trajectory in the current calendar year. Looking back over the last twelve months, the stock has demonstrated significant growth, surpassing 76.94%. These consistent positive returns underscore the stock’s strong performance and appeal to investors.