Deep Industries Ltd has informed that the company has been awarded Petroleum Exploration License for Coal Bed Methane (CBM) Block at Singrauli (Madhya Pradesh) in respect of SR- CBM- 2005/III with effect to the contract signed with Government of India for exploration of Coal Bed Methane.

Deep Industries provides air and gas compression services to oil and gas exploration companies in India. The company reported net profit of Rs 1.53 crore in Q4 March 2008 as against a net loss of Rs 0.63 crore in Q4 March 2007.

Today, the company shares touched a high of Rs 170 on the BSE after the news. It ended the day at Rs 167, up Rs 8 or 5 % over the previous close.

The stock had touched a 52-week high of Rs 271 on 8 January 2008 and a 52-week low of Rs 63.45 on 13 June 2007.