Multibagger Stock which is a leading player in offshore drilling and allied services received another work order from its long-term customer Oil and Natural Gas Limited for the deployment of its rig Jindal Supreme an exploration platform for ONGC for three years.
At 10:48 a.m the shares of Jindal Drilling and Industries Limited were trading at Rs. 899.40, up 2.67 percent from its previous day’s close price of Rs. 876.05 and its market capitalization is Rs. 2,602 Crores. It has delivered multi-bagger returns of 184 percent in a year and 183 percent in the last six months.
Jindal Drilling and Industries Limited has received a work order from Oil and Natural Gas Corporation Limited (ONGC) for the deployment of its rig Jindal Supreme, on its subsequent contract for a period of three years at an Effective Day Rate (EDR) of USD 86,327( Rs. 72 Crores).
Rig Jindal Supreme is an exploration platform currently sailing under the flag of the Marshall Islands. A rig is a large structure with facilities to extract and process petroleum and natural gas that lie in rock formations beneath the seabed
In addition to this, the current contract of Rig Jindal Supreme with ONGC is at an EDR of USD 39,578.78 and the same is expected to conclude in Q4 FY24.
Jindal Drilling and Industries has deployed 5 Rigs with ONGC on long-term contracts, namely Discovery-I, Jindal Supreme, Virtue-I, Jindal Star, and Jindal Explorer.
The company’s revenue from operations grew 21.99 percent from Rs. 419.86 Crores in FY22 to Rs. 512.17 Crores in FY23, accompanied by increasing profits of Rs. 64.47 Crores to Rs. 96.88 Crores.
In FY23, it reported a return on equity (ROE) of 7.74 percent and a return on capital employed (ROCE) of 10.02 percent, it is making decent returns on its equity and capital employed.
Jindal Drilling Limited, part of the Dharam Pal Jindal Group is a leading player in offshore drilling and allied services, including directional drilling and mud logging.
Written by: Bharath K.S
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