During Tuesday’s trading session, the shares of a micro-cap company engaged in the production and sale of oil drilling tools and equipment surged nearly 13.7 percent to Rs. 269.05 on BSE, after securing its first order from Taiwan worth $4,82,444 by Magitech International Limited.
With a market cap of Rs. 504.2 crores, at 02:17 p.m., the shares of United Drilling Tools Limited were trading in the green at Rs. 248.35, up by nearly 5 percent, as compared to its previous closing price of Rs. 236.7.
What’s the news
United Drilling Tools Limited, as per the latest regulatory filings with the stock exchanges, has announced receiving its first order from Taiwan, valued at $4,82,444, awarded by Magitech International Limited.
This overseas order involves the supply of Survey Line Winches and Integral Blade Stabilizers, which are critical tools in advanced drilling operations. The delivery of these high-quality products is expected to be completed within six months.
About the Awarding Entity
Magitech International Limited is a renowned service provider specializing in vertical and horizontal drilling industries. The company serves diverse sectors, including oilfields, geothermal energy, deep water wells, HDD, pipe jacking, micro-tunneling, tunneling, and underground pipeline projects, operating across Taiwan, Thailand, and China.
Previous Orders
11th December 2024: United Drilling Tools received an order worth Rs. 148.66 crores from Vedanta Limited (Cairn Oil & Gas). The order involved the supply of various sizes of Oil Country Tubular Goods (OCTG) and accessories, including casing, tubing, pup joints, and X-overs, designed for offshore and deep basin applications. The order is to be delivered over a period of three years.
20th December 2024: The company secured an order, valued at Rs. 55.2 crores, which pertains to large oil drilling (OD) casing pipes with multi-start connectors, a specialized product line. The order was placed by ONGC, a reputed public sector undertaking (PSU).
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Financials
United Drilling Tools reported a significant growth in revenue from operations, experiencing a year-on-year increase of nearly 55.4 percent, rising from Rs. 31.4 crores in Q2 FY24 to Rs. 48.8 crores in Q2 FY25.
Similarly, during the same period, the company’s net profit increased from Rs. 2.3 crores to Rs. 4.14 crores, representing an impressive rise of around 80 percent YoY.
About the company
United Drilling Tools Limited is actively engaged in one of India’s pivotal oil and gas sectors, specializing in the manufacturing and supply of high-quality oil drilling (OD) equipment. The company is a leading producer of large OD casing pipes with connectors, wireline & well service equipment, gas lift equipment, and downhole tools.
Written by Shivani Singh
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