Jindal Drilling gains after securing 3-year ONGC contract for rig Jindal Pioneer

Under the contract, the rig will be deployed for three years at an effective day rate (EDR) of Rs 45.83 lakh (Rs 45,83,215.16), equivalent to USD 47,893.99 per day.

The contract has been awarded by ONGC, a domestic entity. Jindal Drilling said neither its promoter nor the promoter group has any interest in the awarding entity, and the contract does not constitute a related-party transaction.

Jindal Drilling & Industries, part of the Dharam Pal Jindal Group (DP Jindal Group), is engaged in offshore drilling and allied services, including directional drilling and mud logging. The company's consolidated net profit declined 36.6% year on year to Rs 45.38 crore in Q4 FY26, while revenue from operations increased 7.3% to Rs 262.87 crore compared with Q4 FY25.

ONGC is engaged in exploration, development and production of crude oil, natural gas and value-added products. ONGC reported a 3.1% rise in standalone net profit to Rs 6,649.97 crore in Q4 FY26, compared with Rs 6,448.28 crore in Q4 FY25. Revenue from operations added 2.7% year-on-year to Rs 35,928.18 crore in Q4 FY26. The scrip rose 1.68% to Rs 242.12 on the BSE.

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