Deep Industries up 3%, subsidiary in JV with Euro Gas Systems

The share touched a 52-week high of Rs 220.05 and a 52-week low of Rs 88.55 on 13 July, 2023 and 11 August, 2022, respectively.

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Deep Industries‘ share price rose three percent in early trade on July 14 after the company entered into joint venture agreement with Euro Gas Systems (EGS) to supply oil field equipment to the oil & gas industry.

EGS has acquired 26 percent equity stake of Deep Onshore Drilling Services Private Limited (DODSPL or JV company) subsidiary company of Deep Industries and balance 74 percent is held by Deep Industries.

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On July 12 Deep Industries received Letter of Award (LoA) from Oil and Natural Gas Corporation Limited for Charter Hiring of 1 numbers of 90 MT Mobile Drilling Rigs with Integrated Mud Services & METP with Manpower for a period of 3 years for CBM Asset, Bokaro.

The total estimated value of the said award is approximately Rs 130 crore.

In the previous trading session, the share closed up 3.62 percent or Rs 7.10 at Rs 203.45.

At 09:32 am, Deep Industries was quoting at Rs 210.10, up Rs 6.65, or 3.27 percent on the BSE.

The share touched a 52-week high of Rs 220.05 and a 52-week low of Rs 88.55 on 13 July, 2023 and 11 August, 2022, respectively.

Currently, the stock is trading 4.52 percent below its 52-week high and 137.27 percent above its 52-week low.

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