Deep Industries Limited has informed the Exchange about Awarding of order(s)/contract(s)
DEEPINDS · price
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Awaiting price reaction for this filing.
Deep Industries Limited has received a Letter of Award from Oil India Limited for hiring one Mobile Workover Rig Package for a period of three years, to be deployed in Rajasthan. The total estimated value of the contract is approximately INR 45.33 crores. The order has been awarded by a domestic entity and is in the ordinary course of business. There is no related party interest involved in this transaction. Oil India Limited is a public sector undertaking under the Government of India.
This is a positive development for Deep Industries as it adds a sizeable, multi-year revenue stream from a credible government-owned client, providing earnings visibility for the next three years. The stock may see mild positive sentiment, though the order size needs to be assessed relative to the company's overall revenue base.