Shiv Vani Oil & Gas Exploration Services jumped 3.68% to Rs 561.80 at 10:53 IST on BSE after the company secured a contract worth Rs 1610 crore from Oil & Natural Gas Corporation to deploy eight onshore deep drilling rigs.
The stock hit a high of Rs 584.90 and a low of Rs 551 so far during the day. The stock had hit a 52-week high of Rs 739.95 on 17 January 2008 and a 52-week low of Rs 300 on 16 August 2007.
The company has an equity capital of Rs 43.91 crore. Face value per share is Rs 10.
The current price of Rs 561.80 discounts its Q1 June 2008 annualised EPS of Rs 19.33, by a PE multiple of 29.06.
The rigs have been chartered for three years, with a mobilisation period of seven months for deployment. With this contract, the company’s order backlog reached Rs 4500 crore, the drilling services firm said in a statement.
Shiv Vani Oil & Gas Exploration Services’ net profit surged 115.9% to Rs 21.22 crore on 118.4% growth in net sales to Rs 142.26 crore in Q1 June 2008 over Q1 June 2007.
Shiv Vani Oil is the largest seismic data operator in India. The company is also the largest operator of land breaks.
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