Jindal Drilling secures three-year ONGC rig contract
Jindal Drilling secured a three-year ONGC rig contract reported at ₹500 crore, taking its active backlog to ₹1,310 crore. OI Charts data showed the stock down 0.64% on 06 Nov 2026 after a five-session gain.
after close2 sources ↓machine-written, see hownot a recommendation
- JINDRILL close
- ₹515.30
- On the day
- -0.64%
- 52-week high
- ₹704.40
- 52-week low
- ₹440.10
Jindal Drilling And Industries secured a three-year domestic rig contract from Oil and Natural Gas Corporation for its Discovery-I rig, according to the company disclosure reported by Kalkine India. Sahi reported the contract’s total value at ₹500 crore and said it lifted the company’s active multi-year rig deployment backlog to ₹1,310 crore. The award provides longer-term revenue visibility for the drilling-services business ⚙️
The two reports gave different commercial calculations for the same contract. Kalkine India cited an effective day rate of ₹51,99,293.21, equivalent to USD 54,633.36 per day, while Sahi reported ₹45.83 lakh per day, or USD 47,894. The difference is not reconciled in the available reports, so both figures are presented as source-reported terms. Kalkine India said the filing was made under Regulation 30 of the SEBI Listing Regulations and that there was no related-party interest or promoter-group involvement in ONGC.
OI Charts data showed the stock closed at ₹515.30 on 06 Nov 2026, down 0.64%, with volume of 307,557 shares. It gained 4.1% over five sessions but remained down 12.8% over 20 sessions. The stock traded within a 52-week range of ₹440.10, recorded on 02 Mar 2026, to ₹704.40, recorded on 10 Sep 2026. The contract announcement therefore came as the stock remained well below its recent yearly high 📉
The backlog addition supports visibility for active rig deployment and asset utilisation in the energy-services segment. The next measurable developments are the contract commencement date, mobilisation requirements, operating conditions and any subsequent filing clarifying the day-rate and order-book treatment. Execution of Discovery-I will determine how the disclosed award translates into operating revenue.
ONGC closed at ₹231.76 on 06 Nov 2026, up 0.77%, according to OI Charts data. Its futures showed long build-up, with open interest up 2.7%; the 23 Nov 2026 expiry had max pain at ₹230, the largest put open interest at ₹230 and the largest call open interest at ₹240. These levels provide the immediate derivatives context for the contracting counterparty 💼
Source: Kalkine India, 06 Nov 2026; Sahi, 06 Nov 2026
Not investment advice. For informational purposes only.