Shares of Deep Industries Ltd. rallied 18%, reaching a day’s high of Rs 473.50 on 9th September, after the company announced securing a major order over the weekend.

The company announced that it had secured Rs 1,402 crore from ONGC for production enhancement operations. This order is by far the largest order to date, accounting for 50% of the company’s market capitalisation, currently standing at Rs 2,800 crore.

This order involves production enhancement operations at the company’s asset, Rajahmundry, and spans 15 years. The order’s value exceeds the company’s current order book, which was Rs 1,246 crore as of June 30.

Paras Savla, MD of Deep Industries, stated that the company is well-equipped to optimise oil and gas production with advanced techniques. As of the June quarter, the company’s order book is Rs 1,246 crore, showing a 12% year-over-year growth.

In the first quarter, the company received Rs 138 crore in orders from ONGC for processing gas and workover rigs in Tripura and Rajahmundry. The stock has ended a two-day losing streak with today’s surge. It has increased by 81% so far in 2024 and has risen by 2,141% over the past five years.

The company’s market capitalisation rose to Rs 2,982 crore.

At 11:34 AM, the shares of Deep Industries were trading 17.12% higher at Rs 465.20 on NSE.

The future of investing is here!
Unicorn Signals leverages advanced AI technology to provide you with powerful market predictions and actionable stock scans. Download the app today and 10x your trading & investing journey!