AlphaGeo (India) Ltd, a leading onshore integrated seismic service provider in the private sector, witnessed a 6% surge in its stock price today after securing a significant contract worth Rs 39.33 crores from Oil and Natural Gas Corporation Limited (ONGC) Dehradun. The contract entails seismic data acquisition for an estimated 303 square kilometers of 3D Seismic Data in OALP Block GVONHP2021/2 Sector 2 of Ganga Basin in Uttar Pradesh and Bihar.
The firm’s stock price rose by 5.94% to reach Rs 293.05 against the previous close of Rs 276.60 on the BSE, resulting in a market cap increase to Rs 183.11 crore. A total of 5,280 shares changed hands, amounting to a turnover of Rs 15.32 crore on the BSE.
Technical indicators show that AlphaGeo’s relative strength index (RSI) currently stands at 57.7, indicating that the stock is neither in the overbought nor the oversold zone. The stock has demonstrated low volatility during the past year, evident from its one-year beta of 0.9.
Impressively, the company’s stock is trading above its 5-day, 10-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a positive trend in the market.
AlphaGeo’s performance has been noteworthy over the years, with a gain of 11.35% in the last year and a rise of 13.50% in 2023. Furthermore, the stock has seen a remarkable surge of 110% in the past two years.
However, it’s worth noting that the company reported a loss of Rs 0.3 crore in the March 2023 quarter, compared to a profit of Rs 7.4 crore in the same quarter of the previous fiscal year. Sales also declined to Rs 15.5 crore in Q4 of the last fiscal year, down from Rs 59 crore in the March 2022 quarter. The basic EPS stood at minus Rs 1.61 in Q4, contrasting sharply with Rs 10.64 for Q4FY22.
AlphaGeo’s core expertise lies in providing seismic survey services to the oil exploration and production sector. The company offers a range of services, including designing and preplanning 2D and 3D surveys, seismic data acquisition, processing and reprocessing, data interpretation, prospect evaluation, and reservoir analysis.
The recent contract with ONGC adds to AlphaGeo’s credibility and prominence in the industry. Investors and analysts are closely watching the company’s progress, given its leadership position and strong performance in the seismic survey segment. As AlphaGeo (India) Ltd continues to expand its footprint in the energy sector, the future holds promising opportunities for growth and success.