AlphaGeo shares rise 6% after firm receives Rs 39-crore contract from ONGC

Shares of AlphaGeo (India) Ltd rose 6% today after the firm received Rs 39.33-crore contract from Oil and Natural Gas Corporation Limited (ONGC) Dehradun. AlphaGeo (India) stock gained 5.94% to Rs 293.05 against the previous close of Rs 276.60 on BSE. Market cap of the firm rose to Rs 183.11 crore. Total 5280 shares of the firm changed hands amounting to a turnover of Rs 15.32 crore on BSE.  In terms of technicals, the relative strength index (RSI) of AlphaGeo stands at 57.7, signaling it's trading neither in the overbought zone nor in the oversold zone. AlphaGeo stock has a one-year beta of 0.9, indicating low volatility during the period. The stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.      

AlphaGeo stock has gained 11.35 per cent in a year and risen 13.50 per cent in 2023. AlphaGeo stock has climbed 110 per cent in two years. 

 It hit a 52-week high of Rs 348 on September 13, 2022 and fell to a 52-week low of Rs 200 on March 31, 2023.  

“Alphageo (India) Limited is in receipt of Award of Contract from ONGC, Dehradun for Seismic Data Acquisition to acquire 303 SKM of 3D Seismic Data in OALP Block GVONHP2021/2 Sector 2 of Ganga Basin in the state of Uttar Pradesh and Bihar for an estimated Contract Value of Rs 39.33 crores (inclusive of taxes),” said the firm  

The firm reported a loss of Rs 0.3 crore in the March 2023 quarter against Rs 7.4 crore profit in the corresponding quarter of previous fiscal. Sales fell to Rs 15.5 crore in Q4 of last fiscal against Rs 59 crore in the March 2022 quarter. Basic EPS stood at minus Rs 1.61 in Q4 compared to Rs 10.64 for Q4FY22.  

Alphageo (India) Limited is the largest onshore integrated seismic service provider in the private sector and enjoys a market leadership in seismic survey. The firm is engaged in providing seismic survey services to the oil exploration & production sector. The company provides various services, including design and preplanning of 2D and 3D surveys; seismic data acquisition in 2D and 3D; seismic data processing and reprocessing/special processing; seismic data interpretation; generation, evaluation, and ranking of prospects; reservoir data acquisition; reservoir analysis.

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