Deep cut at Deep Industries counter

Deep Industries hit lower limit of 10% at Rs 103.55 at 15:23 IST on BSE even as the company received a letter of intent for deploying a rig worth Rs 6.50 crore.

The company made the announcement during market hours today, 17 March 2008.

The scrip had touched a high of Rs 110 so far during the day. The stock had hit a 52-week high of Rs 271 on 8 January 2008 and a 52-week low of Rs 43.25 on 28 March 2007.

The small-cap drilling equipment maker has an equity capital of Rs 20 crore. Face value per share is Rs 10.

At the current price of Rs 103.55, the scrip trades at a PE multiple of 21.57, based on Q3 December 2007 annualised EPS of Rs 4.80.

The net profit of Deep Industries fell 40.7% to Rs 2.40 crore on 218.6% rise in sales to Rs 5.83 crore in Q3 December 2007 over Q3 December 2006.

Deep Industries provides equipments and services for drilling and work over, air and gas compression and allied business.