On January 1, 2025, the first day of the new year, there was a rise in the Indian stock market. In the first session of trading, investors also invested heavily in smallcap and midcap shares. During this period, there was a rise in the shares of South West Pinnacle, a company in the drilling and exploration services sector. Its stock rose by 10 percent. Mukesh Ambani’s company Reliance Industries is behind this growth. This firm related to mining sector got the biggest order from RIL, due to which its stock ran at the speed of rocket.
The closing of the company’s shares took place at this time
As soon as the session started, after moving at a slow pace for some time, a sudden rise was seen and the Sensex reached the level of 78,756 with a gain of about 400 points. Meanwhile, during the trading in NIFTY also, the share of South West Pinnacle jumped by 9.90 percent to the level of Rs 165.27. Shares of South West Pinnacle opened at the level of Rs 151.99 on Wednesday and jumped to Rs 165.27 with a gain of 9.90 per cent. This rise in the company’s shares also affected the market capitalization of the company, which increased to 445.07 on Wednesday. Although, there was a rise in the company’s shares in the first round of trading session, but by the time the market closed, their pace slowed down and they closed at Rs 156.
Got the order because of this
Giving information in the stock exchange filing, the company said that it has received an order worth Rs 158 crore from Reliance. The company has received this order for Coal Bed Methane (CBM) in the state. This is an extension of the contract signed by Reliance with the company for CBM production. Under this order, South West Pinnacle has to complete the production hole drilling work.
Let us tell you that Indian Exploration Services Company South West Pinnacle Exploration Limited, along with coal, also provides base metals, ferrous and non-ferrous metals, atomic to water and unconventional energy sectors.
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