After Deep Industries received two letters of award (LoAs) from the Oil and Natural Gas Corporation (ONGC) for a value aggregating to Rs 178.32 crore, the company’s stocks soared 5.61% to Rs 259.85.

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The order has been received for hiring gas dehydration services for ADB GCS and Konaban GCS for two years at ONGC Tripura Asset. The expected value is approximately Rs 43.13 crore. 

The following order is for the hire of gas compression services at Balol GGS I for three years, and the total estimated value of the above contracts is approximately Rs 135.19 crore.

The company has to engage in prospecting, developing, exploring, opening, drilling, working mines, sinking shafts or wells and refining, raising, pumping, digging, minerals, quarry coal bed methane and ores, and gases such as methane gas.

The company’s net profit (consolidated) went down by 21.8% to Rs 16.55 crore on 27% and tumbled in sales to Rs 66.67 crore in the September quarter of FY23 over the September quarter of FY22.