Deep Industries gains on nod for transfer of PI in CBM Block to arm

ONGC has received nod from OilMin for transfer of 25% PI in CBM Block at North Karanpura

Shares of Deep Industries were up nearly 5% at Rs 168 on the Bombay Stock Exchange after the company said that state-owned oil explorer ONGC has received approval from the Oil Ministry for transfer of participating interest in North Karanpura CBM block.

ONGC has received approval of Ministry of Petroleum and Natural Gas (MoP&NG) for transfer of 25% Participating Interest (PI) along with Joint Ownership to Prabha Energy Private Limited (PEPL)(Subsidiary Company of Deep Industries Limited) in respect of CBM Block NK-CBM-2001/1 (North Karanpura), the company said in a release.

The stock opened at Rs 168 and touched a high of Rs 172. At 11:15am, over 209,000 shares were traded on both the stock exchanges.