Deep Industries’ share price moved up by 5% to an intra-day high of ₹463, driven by positive news related to its long-term contract with ONGC. The stock later traded at ₹447, still up 1.4%, even as the broader Sensex fell 0.39%.

The company currently has a market value of ₹2,860 crore, with its 52-week range spanning from ₹386 to ₹624.5.

Why Deep Industries Share Price Is Rising

Earlier this year, Deep Industries received a Letter of Award from ONGC for production enhancement work in the Mature Fields at the Rajahmundry Asset, a project that will run for 15 years.

The latest update confirms that this contract has now been assigned to its wholly owned subsidiary, Deep Exploration Services (DESPL). The transfer was done through a tripartite agreement involving ONGC, Deep Industries, and DESPL.

The goal behind this move is to bring more focus, accountability, and efficiency to the execution of the project.

About Deep Industries

Deep Industries has been offering Oil & Gas support services for over 30 years. Its key services include:

• Natural Gas Compression
• Natural Gas Dehydration
• Workover & Drilling Rigs
• Integrated Project Management

With strong technical capabilities, skilled manpower, and a broad equipment base, the company ensures reliability and safety across its operations.

Read More: Sterling and Wilson Renewable Energy Share Price Rises as Reliance-Linked Indemnity Update Offers Clarity.

About ONGC

ONGC is India’s largest crude oil and natural gas producer, accounting for nearly 70% of domestic output. The company focuses on exploration, development, and production of hydrocarbons across the country.

Conclusion

The assignment of the ONGC project to Deep Industries’ subsidiary has boosted investor confidence, as it signals better operational focus and long-term growth potential. With a strong service portfolio and a major 15-year project in hand, the company is well-positioned for steady performance in the oil and gas services sector.

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