India's United Drilling Tools up 11% on new deal agreement

United Drilling Tools

06/02/2023 07:20

** Shares of oilfield tool and equipment manufacturer United
Drilling Tools Ltd  UNDR.NS  rise as much as 10.7% to 246 rupees
- its highest intraday pct climb since Dec. 13
    ** Stock touches highest level since Jan. 19    
    ** Co said it signed a licensing agreement with Interpipe
Ukraine LLC to cut premium thread on full length casing and
tubing pipes in India
    ** Adds that commercial operations are expected to start by
last quarter of next financial year    
    ** UNDR expects to tap additional business worth 2 bln
rupees to 3 bln rupees per year with the alliance
    ** Over 57,000 shares traded as of 12:43 pm IST, 3.4X the
30-day moving average
    ** Stock fell 42.9% in 2022 after two straight annual gains
from its IPO launch on Sept. 25, 2020
 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))