United Drilling falls 2% on profit booking
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The company will supply wireline winch drums specially designed to hold large quantities of cables and wires. American Completion Tools (ACT) gave the order for onward supply to Petroleos Mexicanos, a petroleum company operated by the Mexican government.
United Drilling Tools Limited shares cooled-off declining more than 1 percent in early trade on July 14 after a week of gains riding on the international order win worth Rs 25 crore announced on July 12.
The company will supply wireline winch drums specially designed to hold large quantities of cables and wires. American Completion Tools (ACT) gave the order for onward supply to Petroleos Mexicanos, a petroleum company operated by the Mexican government.
“It is a delight to get one of the best overseas orders from Mexico’s state-owned integrated oil and gas company”, Pramod Gupta, the company’s managing director and chairman said.
According to International Market Analysis Research and Consulting Group (IMARC), the wireline market size is estimated to be $11 billion. It is said to grow 6 percent CAGR during 2023-2028. “This offers a significant opportunity to the company to pursue our product line in the near future”, United Drillings said in a regulatory filing.
At 10:42 am, United Drllings was quoting at Rs 219 apiece, trading 1.1 percent lower than the previous close on the National Stock Exchange. The stock has gained more than 8 percent in the last three trading sessions.
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As per bulk deal data, Mathisys Advisors LLP purchased 1.4 lakh shares at an average price of Rs 224 per share and then sold 1.3 lakh shares on July 13. Furthermore, RS Securities also sold 1.2 lakh shares at an average price of Rs 224 apiece.
In May, the company was awarded an order from ONGC for large OD casing pipe with connectors worth Rs 72 crore.
The company said it has bid for orders in the domestic market and has commenced bidding for tenders in the Oil and Gas sector and negotiations are underway with multiple entities.
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