South West Pinnacle zooms on winning contract from Reliance Industries for CBM production
South West Pinnacle Exploration is currently trading at Rs. 158.40, up by 7.95 points or 5.28% from its previous closing of Rs. 150.45 on the BSE.
The scrip opened at Rs. 156.95 and has touched a high and low of Rs. 165.05 and Rs. 154.85 respectively. So far 56249 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 184.00 on 02-Jan-2024 and a 52 week low of Rs. 97.30 on 30-May-2024.
Last one week high and low of the scrip stood at Rs. 165.05 and Rs. 144.70 respectively. The current market cap of the company is Rs. 443.23 crore.
The promoters holding in the company stood at 73.61%, while Institutions and Non-Institutions held 0.36% and 26.03% respectively.
South West Pinnacle Exploration (SWPE) has been awarded an extension of Contract for CBM production from Reliance Industries (RIL), one of the well-known private sector company in India, for production hole drilling for Coal Bed Methane (CBM) in the State of Madhya Pradesh. With this extension, the present operations will be doubled with deployment of new set of Rig and equipments with additional manpower.
The aggregate value of this extension of the contract is over Rs 158 crore. In addition, it has a provision to have three more extensions of six months each of the extended contract. SWPE has successfully completed two projects of RIL in the same domain in the past and is executing its’ Phase- 1 of the present contract since last over 14 months hence this extension in contract (Phase -2) with three more possible extensions of six months each would make sizable increase in company’s order book with assured business in medium to long run.
South West Pinnacle Exploration is an integrated Service Provider providing end-to-end Drilling & exploration of Natural resources.
