Shares of Alphageo India jumped sharply

Alphageo (India) Ltd., a mid-sized ancillary services company to the oil-gas sector, jumped sharply in afternoon trade on Wednesday after the company announced an order win.

Alphageo (India) said its step-down wholly-owned subsidiary, Alphageo DMCC, Dubai, won a contract to provide 2D seismic acquisition services in Myanmar by CAOG Pte. The contract is of an estimated value of $3 million, to be carried out till March 2016.

As a result Alphageo surged 26.30 rupees, or 6.7 percent, to 417 rupees on the National Stock Exchange, where 32,200 shares were traded compared with the 5-day average of 43,500 shares.

Alphageo has seen its market capitalisation rise 8.4 percent to 236 crore rupees in the past one year. The stock trades at 4 times book value of 108 rupees.

Image credit: Indiatimes