Shares of Alphageo India, a service provider to oil exploration and production sector, have rallied a whopping 76 per cent in just four trading sessions to hit a fresh 52-week high of Rs 861 today.
Hyderabad-based Alphageo on Tuesday said that it has received order worth Rs 1,482 crore from ONGC. The company in a statement issued to the Bombay Stock Exchange said "the order is for acquisition of 2D seismic data in un-appraised on land areas of Indian sedimentary basins of India as a part of the National Seismic Programme by March 2019".
Elaborating on the ONGC order, A. Dinesh, managing director of Alphageo, told NDTV Profit that the company will acquire 27,000 line km of seismic data as part of the National Seismic Programme.
"The company has got a substantial piece of total work under the National Seismic Programme. Under the programme, 50,000 line km of seismic data is to be collected of which ONGC has around 40,000-41,000 line km and the rest is with Oil India," added Mr Dinesh.
Shares of Alphageo ended 4.4 per cent higher at Rs 827.30.
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