Deep Industries Limited has informed the Exchange about Awarding of order(s)/contract(s)
DEEPINDS · price
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Deep Industries Limited has received a Letter of Award from Oil and Natural Gas Corporation Limited (ONGC) for providing Natural Gas Compressor, Gas Dehydration and HC Dew Point Depression services at Malleswaram, Rajamundry Asset. The contract is for a period of three years with a total estimated value of approximately INR 59 crores. This is a domestic order awarded in the ordinary course of business. The company clarified that no promoter/promoter group has any interest in ONGC and the contract is not a related party transaction.
This INR 59 crore order from ONGC represents a positive development for Deep Industries, providing revenue visibility for the next three years. While the exact impact depends on the company's overall revenue, a three-year contract of this size is typically viewed favorably by the market as it strengthens the company's order book.