Asian Energy Services Ltd strategic and Long-Term direction

The Board of Directors of Asian Energy Services Ltd (AESL), in their recently concluded Board Meeting reviewed the performance of the Company against the background of its efforts in last 3-4 years to diversify from cyclical business which also frequently involves force majeure situations, to stable business with long term contracts.

The board noted with satisfaction that the diversification-efforts of the management of the Company shall yield still better results in coming years with the company vigorously focusing on businesses providing predictability and visibility of revenue with long term contracts.

The board further noted that AESL plans to continue focusing on huge opportunities available in (i) Coal/Material Handling Plant; and (ii) Oil & Gas production segments including O&M Contracts, thus further reducing its dependence on cyclical business which will progressively comprise a small percentage of the total revenue stream of AESL. The efforts of the management of AESL in the right direction of diversification were appreciated by the Board.

The board also endorsed the plans of AESL to explore and evaluate opportunities in Mining Services business (beyond Material Handling Plants) like long term contracts for Mine Development and Operation (MDO) . Besides, the Board also endorsed the plans of AESL to broad based the activities of AESL for offering services for long term Production Enhancement and O&M contracts in Oil & Gas value chain.

Shares of Asian Energy Services Ltd was last trading in BSE at Rs. 279.80 as compared to the previous close of Rs. 284.90. The total number of shares traded during the day was 4458 in over 285 trades.

The stock hit an intraday high of Rs. 288.00 and intraday low of 272.70. The net turnover during the day was Rs. 1249740.00.

Source : Equity Bulls

Keywords

AsianEnergyServices INE276G01015 Strategic LongTerm Direction PerformanceReview