Shares of this stock under the ‘micro-cap’ category jumped approximately 7 percent in Monday’s trading session after the company successfully bagged an order worth Rs 57.15 crores from Oil India Limited.
With a market capitalization of Rs 187.95 crores, the stocks of Alphageo (India) Limited started their trading session on Monday at Rs 299.05 and currently trade at Rs 295.30, gaining around 7 percent as compared to the previous closing levels of Rs 277.15 apiece. The company’s stock is inching towards its 52-week high price recorded at Rs 323.10.
Such sharp movements in the company’s share price were observed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), intimated that it has received an order from ‘Oil India Limited’ worth Rs 57.15 crores.
The abovementioned order pertains to the acquisition of 3D and 2D Seismic Data in the state of Rajasthan. The order is expected to be executed by December 2024.
During the recent quarters, the company reported underperformance with the operating revenues dipping from Rs 5 crores during Q1FY23-24 to Rs 2 crores during Q2FY23-24, and the bottom-line numbers, keeping the timeframe the same, magnified their losses from Rs 3 crores to Rs 4 crores.
As per the latest shareholding data available for the quarter ended December 2023, the company’s Promoters hold a 46.09 percent stake, and the Public (retail) investors hold a 51.99 percent stake in the company.
Incorporated in 1987, Alphageo (India) Limited is engaged in providing geophysical seismic data acquisition, processing, and interpretation services for the exploration of hydrocarbons and minerals in India. The company provides onshore and offshore oil and gas field services; and renting drilling equipment and machinery.
Written by Amit Madnani
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
