Deep Inds in good waters

Deep Industries, an albeit ignored and not too highly traded stock is in the limelight today. Opening higher at Rs.88, the stock went up to an intra day high at Rs.91 and is now at Rs.88.50, up 15% over yesterdays close. Its 52-week high is at Rs.94.80. Volumes were up almost 3.5 times.

The company announced yesterday late in the evening, that it has signed the contract with ONGC for hiring of Gas Dehydration System for 5 production installations at their Rajahmundry Assets for a period of 3 years. The value of this contract is at Rs.278 crore.

Deep Industries is a pioneer in the service sector of oil and gas fields, mainly in Gas compression services. It provides work-over, Drilling Rig and allied services. The company was formed in the year 1991 primarily for providing valued, dedicated and professional services to the oil & Gas client in India. Its clientele includes ONGC, Assam  Gas, and the Private Operators like Niko-GSPCL, CPCL, GACL, GSPL, HRD, JTI Selan Explorations etc. Currently, the company is focusing towards expanding its operation to United States of America, Asian countries and the southern part of India for providing services as an outsourcing service provider to Oil & Gas Industry.