Deep Industries said that it has received letter of award (LoA) from Oil India for a contract with an total estimated value of Rs 71.64 crore.
The contract is for charter hiring of two 550-750 horsepower (HP) capacity workover rigs for a period of three years.
Deep Industries is engaged in the business of prospecting, exploring, developing, opening and working mines, drilling and sinking shafts or wells and to pump, refine raise, dig and quarry coal bed methane, minerals, ores, gases such as methane gas.
The company's consolidated net profit rose 16.45% to Rs 19.47 crore on a 3.01% increase in sales to Rs 73.15 crore in Q1 FY23 over Q1 FY22.
The scrip rose 0.24% to currently trade at Rs 309.90 on the BSE.
On a year-to-date (YTD) basis, the stock has zoomed 96.07% while the benchmark Sensex slipped 1.35% during the same period.
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