Penny stock under ₹15 surges 20% on order win from ONGC

Penny stock: Shares of Aakash Exploration Services surged nearly 20% in Wednesday's session after the company was issued a Letter of Award (LoA) from Oil and Natural Gas Corporation Limited (ONGC). The total value of the order is approximately ₹19.36 crore.

The timeframe for executing the orders is set as three years. The company secured the Letter of Award for the charter hiring of one 50 MT workover rig for use at the Ahmedabad Asset.

This year, Aakash Exploration Services secured a contract valued at ₹29 crores from the Indian Maharatna Public Sector Enterprise, Oil India Limited, as well, for the provision of a high-pressure Mobile Boiler along with necessary accessories for the production of high-quality steam. The execution of this order is scheduled to take place over two years.

Aakash Exploration Services offers services for oil and gas exploration with a core mission of becoming a leader in delivering services to the sector while achieving international standards of excellence. Headquartered in Ahmedabad, Gujarat, the company is also affiliated with the International Association of Drilling Contractors.

The net profit of Aakash Exploration Services fell by 92.02% to ₹0.28 crore in the quarter ended March 2025, compared to ₹3.51 crore in the quarter ending March 2024. Sales dropped by 16.57% to ₹25.77 crore in the said quarter, down from ₹30.89 crore in the previous quarter of March 2024.

Technical Views

Aakash Exploration Services share price opened at an intraday low of ₹9.01 per share on the NSE. However, it soon stock touched an intraday high of ₹10.51 apiece.

According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, the stock witnessed strong momentum in today’s session, surging over 16% and decisively crossing above the key 200-day SMA. “It has remained in focus throughout the week, and the uptrend may continue in the near term. The previous swing high near ₹12 acts as resistance, while immediate support is seen around ₹9.5,” Bhosale added.

ONGC share price rose 1.4% on Wednesday, with the stock touching an intraday high of ₹255.90 apiece on the BSE, and an intraday low of ₹252.80 per share.

According to Anshul Jain, Head of Research at Lakshmishree Investments, ONGC has breached a 53-day-long VCP pattern with a pivot breakout at ₹254. While the structure lacks tightness and volume isn't deeply institutional, the setup is valid for a small-quantity positional trade, Jain said.

“A sustained move above ₹254 may lead the stock toward ₹268, which is also a major resistance level formed by previous swing highs. Given the loosely built structure, the move may be slow and volatile. Traders should be cautious and treat this as a mean-reversion bounce toward resistance,” he opined.

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