Alphageo (India) zooms over 70% in four days

Alphageo (India) has moved higher to its fresh 52-week high of Rs 861, extending its past four days rally on the BSE.

In the current week, the stock zoomed 76% from Rs 488 on June 3, as compared to 0.02% fall in the S&P BSE Sensex.

The company engaged in seismic data acquisition and related services business on Tuesday announced that it has received letters of award for contracts from Oil And Natural Gas Corporation of India (ONGC) for an estimated value of Rs 1,482 crore.

“The company has been issued various letters of award of contracts by ONGC for acquisition of 2D seismic data in un-appraised on land areas of India sedimentary basins of India as part of National Seismic Program by March 2019. The estimated total value of the awards received is about Rs 1,482 crore inclusive of taxes,” Alphageo (India) said in a BSE filing.

The company has acknowledged the receipt of these letters of awards and has initiated the necessary steps to accept and execute the same, it added.

At 11:55 AM, the stock was up 5% at Rs 834 on the BSE as compared to 0.69% decline in the benchmark index. The trading volumes on the counter jumped an over 10-fold with a combined 1.37 million shares changed hands on the BSE and NSE so far.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel