United Drilling Tools commence operations at new Gujarat plant; stock up by nearly 1 per cent
United Drilling Tools Limited (UDTL), a leading manufacturer of products used in the upstream oil & gas operations announced the commencement of operations at its newly set up manufacturing plant in Gujarat.
The above-mentioned plant is spread over 35 acres with an initial capital outlay of Rs 15 crore and has been proposed to be entirely funded through internal accruals.
This unit will be developing the latest designed products such as casing pipe with connector assembly segment thereby, further widening the existing product portfolio and in addition to this, enhance UDTL’s manufacturing capacity by implementing new production technologies.
Commenting on this recent development, Pramod Kumar Gupta, Chairman & Managing Director of UDTL stated that the development is in the company’s strategy of growing its domestic market share and further allow it to grow internationally. He further stated that the company expects 50-70 per cent incremental revenues from this development in a coming couple of years.
UDTL is a leader in connector technology and also a leading manufacturer of wire-line & well service equipment, gas lift equipment, downhole tools, and large OD casing pipe & connector in the world.
At 3.11 pm today, the company’s stock was trading at Rs 305.40, up by 0.83 per cent against a 0.77 decline in the benchmark index. Its 52-week high is Rs 339.80 while the 52-week low is Rs 95.00 on BSE.