Asian Oilfield Services climbs 6% on Rs 143 crore order win

NEW DELHI: Shares of Asian Oilfield Services shot up nearly 6 per cent in Tuesday’s trade after the company informed exchanges that it has received letter of award of contract from Oil India for an estimated contract value of Rs 142.86 crore.

In a BSE filing, the company said that that the order is for 2D Seismic data acquisition in Manipur (Area-1) from the unappraised areas of North East India.

“The company has acknowledged the receipt of this letter of award and has initiated the acceptance and execution of the same,” the company said.

Following the announcement, the stock jumped 5.8 per cent to hit a high of Rs 137.50 on BSE. A total of 1.70 lakh shares changed hands on the counter in morning trade, compared with a two-week average of 1.32 lakh shares.

Asian Oilfield Services is a loss-making company but shares of the company have rallied 197 per cent in the past one year. The stock has been trading at 29.27 times its book value.