Stock Split: Shares of this smallcap company were on a strong upswing before trading ex-split!

The company reported that it received a letter of award from Oil and Natural Gas Corporation Limited, with an estimated value of Rs 106 crore.

Deep Industries Ltd, a Small-Cap stock, was one of the trending stocks in the previous session, with a significant surge in trading volume.   

As the record date for the stock split gets closer, shares have experienced a strong rally, gaining about 10 per cent in the last five trading sessions.  

The board of directors of the company already passed the appropriate resolution and set the record date of April 10, 2023 for the purpose of dividing each equity share with a face value of Rs 10 into two equity shares with a face value of Rs 5.  

In February, the company announced that it received a letter of award from Oil and Natural Gas Corporation Limited for the hiring of one 1000 HP mobile drilling rig for the Ahmedabad asset for a three-year period. The entire estimated value of the award is around Rs 106 crore.  

Shares were trading around Rs 290 per share on the BSE at the time of writing, with a 52-week high and low of Rs 322.50 and Rs 177.10, respectively.  

Deep Industries Ltd provides oil and gas field services. The company also specializes in air & gas compression services, drilling and work over services, gas dehydration and other related services.  

Keep a close eye on this stock for the upcoming sessions!