Dalal Street Hot Chips Buy Calls – Oil Order Book Likely to Increase
Shiv-Vani Oil & Gas Explo.
BSE Code: 522175
Volume: 148167
CMP: Rs 421.10
Shiv-Vani Oil & Gas Exploration is India’s largest onshore oil and gas service provider in the private sector having a fleet of 40 rigs and ten seismic survey crews. The company offers a wide range of services including seismic, drilling and other specialised services such as work over, gas compression services and coal bed methane (CBM) integrated services. The extremely strong order book of Rs 3,400 crore, which is close to 2.7x of its FY2010 revenues, renders strong visibility to the company’s earnings. It has bid for four new orders of the size of Rs 300-600 crore each, which are mainly from Oil and Natural Gas Corporation and Oil India and the order book is likely to improve going forward. The company plans to raise additional funds of Rs 600 crore through a QIB issue to augment its fleet. The stock can be looked at for gain in a short to medium-term perspective.
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