Stock Report

Jindal Saw Limited enters into JV agreement with Hunting Energy Services Ptd Ltd

Posted On : 2021-12-23 12:53:56( TIMEZONE : IST )

Jindal Saw Limited enters into JV agreement with Hunting Energy Services Ptd Ltd

Jindal Saw Limited has entered into a Joint Venture Agreement ("JV") with Hunting Energy Services Pte Ltd., Singapore ("Hunting"), on 22nd December, 2021. A Joint Venture Company will be incorporated in India with 51% shareholding to be held by the Company and remaining 49% to be held by Hunting, with the object to set up a world class, state of the art precision machine shop (termed 'Centre of Excellence') to thread premium connections in India for Oil Country Tubular Goods (OCTG) including accessories for markets across the globe.

With this JV, Hunting will provide its patented premium connection technology, which will be to thread premium connection on seamless casing and tubing, used mainly in deep drilling activities in the oil and gas sector and become first in line to have such manufacturing facility in India. This JV would open the doors of premium connection for OCTG from India to various parts of the world and would act as an import substitution for players in Oil and Gas drilling activities thereby making our Country self-reliant in this segment. This JV is aligned with our nation's vision of becoming "Atmanirbhar Bharat".

Shares of Jindal Saw Limited was last trading in BSE at Rs. 99.95 as compared to the previous close of Rs. 95.95. The total number of shares traded during the day was 115100 in over 1140 trades.

The stock hit an intraday high of Rs. 100.50 and intraday low of 96.55. The net turnover during the day was Rs. 11422369.00.

Source : Equity Bulls


JindalSaw INE324A01024 JVAgreement HungingEnergyServices