Deep Industries rallies as company signs contract with ONGC

NEW DELHI: Deep Industries Ltd rallied as much as 18.2 per cent in intraday trade on Tuesday, after the company said that it has signed the contract with ONGC worth Rs. 2.78 billion for hiring of Gas Dehydration System for 5 production installations at their Rajahmundry Assets.

The stock ended the day 13.32 per cent higher or Rs 10.30 at Rs 87.60.

The duration of the aforesaid contract is for a period of 3 years, said media reports. The company's primary objective is to cater to ever increasing demand for Oil and Gas Industry.