This stock rises 10% on order win from RIL, check details 

Shares of South West Pinnacle Exploration Ltd gained nearly 10% on Wednesday after the firm said it won a Rs 158 crore contract from Reliance Industries Ltd (RIL). The company, which is an integrated end-to-end Drilling & Exploration service provider across all natural resources said it received an extension of contract for CBM production from RIL, for production hole drilling for Coal Bed Methane (CBM) in Madhya Pradesh. 

"With this extension, the present operations will be doubled with deployment of new set of Rig and equipments with additional manpower. In addition, it has a provision to have three more extensions of six months each of the extended contract," said South West Pinnacle. 

Vikas Jain, Chairman & Managing Director of the firm said, "This will almost double the present revenue from RIL. Total contract value on which company is presently working on (15 projects across all domains on pan India basis serving both private and public sector clients) has gone up to Rs. 495 crores."

South West Pinnacle stock rose 9.70% to Rs 165.05 against the previous close of Rs 150.45 on BSE. Market cap of South West Pinnacle climbed to Rs 440.86 crore. Total 0.68 lakh shares changed hands amounting to a turnover of Rs 1.09 crore.     

South West Pinnacle shares have lost 10.63 per cent in a year.

In terms of technicals, the relative strength index (RSI) of the stock stands at 42.6, signaling the stock is trading neither in the overbought nor in the oversold zone. 

South West Pinnacle shares are trading higher than the 5 day, 20 day, 30 day , 50 day, 100 day, 200 day moving averages.

South West Pinnacle Exploration is an ISO 9001:2015 certified, providing end to end drilling, exploration and allied services to coal, ferrous, nonferrous, atomic and base metal mining industries and water & unconventional energy industries.