This stock became a storm as soon as it got an order!
On the first day of the new year, january 1, 2025, the indian stock market saw a boom. In the first session of trading, investors also invested heavily in smallcap and midcap stocks. During this time, the stock of South West Pinnacle, a company in the drilling and exploration service sector, saw a boom. Its stock jumped up to 10 percent. mukesh Ambani's company reliance Industries is behind this growth. This firm associated with the mining sector got the biggest order from RIL, due to which its stock ran at rocket speed.
At this the company's shares were closed
As soon as the session started, after moving at a slow pace for some time, there was a sudden boom and the Sensex reached the level of 78,756 with a gain of about 400 points. During this time, the share of South West Pinnacle jumped 9.90 percent to Rs 165.27 during trading in NIFTY. Shares of South West Pinnacle opened at 151.99 on wednesday and jumped 9.90 percent to Rs 165.27. This rise in the company's stock also affected the market capitalization of the company, which increased to 445.07 on Wednesday. However, the company's shares did see a rise in the first round of trading, but by the time the market closed, their pace slowed down and they closed at Rs 156.
Order received due to this reason
Giving information in the stock exchange filing, the company said that it has received an order of Rs 158 crore from Reliance. The company has received this order for coal bed methane (CBM) in the state. This is an extension of Reliance's contract with the company for CBM production. Under this order, South West Pinnacle has to complete the work of drilling production holes. Let us tell you that indian exploration services company South West Pinnacle Exploration Limited provides base metals, ferrous and non-ferrous metals, atomic along with coal to the hydro and unconventional energy sectors.