Shares of Deep Industries are inching up. Here's why

Deep Industries Ltd., an ancillary for energy companies, said it won two orders from sector giant Oil & Natural Gas Corp to supply two rigs.

Deep said it bagged a 3-year contract from ONGC's Ahmedabad unit to supply a mobile drilling rig for a period of 3 years in a contract estimated at 13 million dollars. It also won a deal to supply a work over rig for a period of 1 year at the price of 2.72 crore rupees.

Deep Industries rose 3.40 rupees, or 2.5 percent, to 139.80 rupees on the National Stock Exchange where 3.6 lakh shares were traded compared with a 5-day average of 4.05 lakh shares.

Deep Industries has seen its market value rise 87 percent to 400 crore rupees in the past one year. The stock trades at 1.8 times its book value of 77 rupees.

Image credit: Indiatimes