Garware Offshore Services rose 1.68% to Rs 151.50 at 13:35 IST after the company's platform vessel, M V Mana, won a two-year contract approximately worth Rs 22.5 crore a year in the north sea, from an exploration and production company.
The announcement was made during trading hours today, 6 November 2009.
Meanwhile, the BSE Sensex was up 80.88 points, or 0.50%, to 16144.78.
On BSE, 13,116 shares were traded in the counter as against an average daily volume of 14,666 shares in the past one quarter.
The stock hit a high of Rs 154.40 and a low of Rs 147.25 so far during the day. The stock had hit a 52-week high of Rs 199 on 28 August 2009 and a 52-week low of Rs 52 on 13 March 2009.
The stock had underperformed the market over the past one month till 5 November 2009, falling 9.39% as compared to the Sensex 4.76% fall. It underperformed the market in past one quarter, sliding 6.26% as against 1.01% rise in the Sensex.
The small-cap offshore vessel supplying company has an equity capital of Rs 23.82 crore. Face value per share is Rs 10.
The current price of Rs 151.50 discounts the company's Q2 September 2009 annualised EPS of Rs 15.10, by a PE multiple of 10.03.
Last month, the company had received a similar order for M V Meghna. The tenure of that contract is for 3 years, and it is valued at Rs 20.71 crore per annum.
Garware Offshore Services reported a net profit of Rs 8.99 crore in Q2 September 2009 compared with a net loss of Rs 15.44 crore in Q2 September 2008. Sales were almost flat at Rs 44.42 crore in Q2 September 2009 as against Rs 44.57 crore in Q2 September 2008.
Garware Offshore Services owns and operates vessels that carry out assorted shipping and transport services.