Alphageo zooms on order

Alphageo (India) on Monday said that it has received Notification of Award (NOA) of contract from Oil India Limited (OIL). Reacting to this news, the stock of the company rose by more than 10 per cent intraday.

The company said the order contract is for 3D seismic data acquisition and processing services in cluster-3 area located in Mahanadi Basin (Odisha) with an estimated contract value of Rs 68.24 crore, which excludes taxes. It added that for 2D and 3D seismic data acquisition and processing services in cluster-2 area located in Mahanadi Basin, is for an approximate contract value of Rs 60.35 crore, which also excludes taxes.

Alphageo (India) Limited is a seismic survey service provider engaged in the seismic survey data acquisition, processing and interpretation services. It provides Two-Dimensional (2D) and Three-Dimensional (3D) seismic data acquisition, processing and interpretation services for oil exploration and production entities by offering topographic surveys with Global Positioning System (GPS) and Real-Time Kinematic (RTK),  reservoir data acquisition reservoir analysis, tape transcription and digitisation of hard copies of maps and seismic sections, etc.

Reacting to this update, on Monday, the stock of the company closed at Rs 243.75, up by 12.72 per cent or Rs 27.50 per share. The intraday high is Rs 258.50 and intraday low is Rs 209.70. The 52-week high is Rs 547.50 and 52-week low is Rs 153.10 on BSE.