This Small-Cap Low PE Oil & Gas Stock Jumps 3.5% After Securing a 3-Year ONGC Contract for Jindal Pioneer Rig
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Jindal Drilling & Industries has received a Notification of Award from ONGC for the deployment of its Jindal Pioneer rig under a three-year contract at an effective day rate of Rs 45.83 lakh.
✨ Key Takeaways
On Thursday, Indian equity benchmark indices traded marginally higher, with the benchmark Nifty 50 index rising 46.15 points, or 0.19 per cent, to 24,296.35. Amid the positive market sentiment, Jindal Drilling & Industries share price gained 3.50 per cent to Rs 598.30 after the company announced that it had secured a three-year contract from Oil & Natural Gas Corporation (ONGC).
Jindal Drilling Secures ONGC Contract
Jindal Drilling & Industries Limited has received a Notification of Award (NoA) from Oil & Natural Gas Corporation Limited (ONGC) for the deployment of its Jindal Pioneer rig.
The contract has been awarded for a period of three years at an Effective Day Rate (EDR) of Rs 45,83,215.16, equivalent to USD 47,893.99 per day. The company stated that the rig is currently undergoing refurbishment, and the contract is expected to commence during Q3 FY27.
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According to the exchange filing, the order has been awarded by a domestic entity and will be executed over a three-year period. The consideration for the contract is based on the agreed effective day rate for the deployment of the Jindal Pioneer rig.
The company also clarified that the contract is not a related-party transaction, and neither the promoter nor the promoter group has any interest in ONGC.
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About Jindal Drilling & Industries
Jindal Drilling & Industries Ltd is engaged in providing offshore drilling and related services to the oil and gas exploration industry. The company owns and operates offshore drilling rigs and provides drilling solutions to leading exploration and production companies in India.
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Disclaimer: The article is for informational purposes only and not investment advice.