Gujarat-based penny stock below Rs 15 hit 10% upper circuit after receiving an order of Rs 33,70,00,000 from Oil India Ltd
The stock is up by 90.4 per cent from its 52-week low of Rs 7.06 per share.
On Monday, shares of this Gujarat-based penny stock hit a 10 per cent upper circuit to an intraday high of Rs 13.44 per share from its previous closing of Rs 12.22 per share. The stock’s 52-week high is Rs 17.15 per share and its 52-week low of Rs 7.06 per share.
Aakash Exploration Services Limited has secured a Letter of Award (LOA) from Oil India Limited, a domestic entity under the Ministry of Petroleum and Natural Gas. This two-year service contract, valued at approximately Rs 33.70 crore, involves providing a High Pressure (HP) Mobile Boiler along with ancillaries. These services are crucial for generating high-quality steam to facilitate cyclic steam stimulation operations, thereby enhancing the production of heavy oil from Oil India's operational areas in Rajasthan.
Earlier, the company secured a significant domestic service order from the Oil and Natural Gas Corporation Limited (ONGC), receiving a Letter of Award (LOA) for the charter hiring of one 50 MT Workover Rig. This contract, valued at approximately Rs 19.36 crore, is for deployment at ONGC's Ahmedabad Asset and has a duration of three years. This vital engagement underscores Aakash Exploration Services Limited's continued role in supporting India's domestic oil and gas exploration efforts.
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About the Company
Based in Ahmedabad, Gujarat, India, Aakash Exploration Services Limited (AESL) is an ISO 9001, 14001 and OHSAS 18001 certified company incorporated in 2007, specialising in providing essential services to the Oil and Gas Field sector. AESL primarily operates at the production stage of oil and gas exploration, offering a comprehensive range of services including Oil Enhanced Recovery, Well Head Maintenance (WHM), Well Head Greasing (WHG), Hot Oil Circulation Unit operations and various pumping and drilling unit services. The company utilises a diverse array of equipment such as Air Compressors, Coil Tubing Units, Work Over Rigs and SRP Units to ensure efficient and smooth oil production, playing a crucial role in facilitating the transfer of produced oil to refineries for further processing.
The company has a market cap of below Rs 130 crore with promoters holding 66.54 per cent stake and public holding 33.46 per cent stake. The stock is up by 90.4 per cent from its 52-week low of Rs 7.06 per share.
Disclaimer: The article is for informational purposes only and not investment advice