Rs 165.8 crore order book: This micro-cap company bags new order worth Rs 95,80,00,000 from Oil and Natural Gas Corporation Limited!
The stock is up over 60 per cent from its 52-week low of Rs 169 per share.
United Drilling Tools Ltd informed that the company has been conferred a much-esteemed domestic order aggregating to Rs 95,80,00,000 approx. for supply of casing pipe with connector to Oil and Natural Gas Corporation Limited (ONGC) which is the largest crude oil and natural gas company in India which will be executed within the time frame of approx. 28 weeks & 42 weeks or gradual dispatch as per the requirement of the client from its facilities in Uttar Pradesh and Gujarat, India.
The repugnant order is for the supply of approximately 7081.19 MT casing pipes with connectors which will be used for offshore production. This latest award is a testament to our engineering excellence, impeccable track record and dedication to delivering innovative solutions that meet the unique needs of our clients.
The energy scenario across the globe is changing due to various geopolitical reasons and we are well-placed to secure further projects in the oil & gas sector both in the international as well as domestic market. In India, despite being the world's fifth-largest economy, energy consumption per capita remains a fifth of the global average.
Focusing on the need for India-centric plans, the country's energy demand would remain high until 2045, given its anticipated population of 1.7 billion by 2070. The Company continues to strengthen its position as a trusted oil drilling equipment company and still focuses on broadening its product portfolio through regular R&D and staying competitive with unmatched prices in the market.
United Drilling Tools Limited is a leading manufacturer of oil drilling-related equipment in the country. The company has obtained global quality standards for its major products. The company has a market cap of Rs 548 crore. As of September 30, 2023, the company order book stands at Rs 70 crore and including the above order, the company’s current order book stands at Rs 165.8 crore.
Today, shares of United Drilling Tools Limited gained 6.47 per cent to an intraday high & 52-week high of Rs 306.90 per share from its previous closing of Rs 288.25. At the closing bell shares of the company were trading at Rs 269.9 per share, down 6.37 per cent with a spurt in volume by more than 3.09 times on BSE.
The stock is up over 60 per cent from its 52-week low of Rs 169 per share. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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