Aban Offshore drops on profit booking

Aban Offshore lost 3.27% to Rs 418 at 14:04 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was down 27.89 points or 0.13% at 20,701.49.

On BSE, so far 5.47 lakh shares were traded in the counter as against average daily volume of 4.80 lakh shares in the past one quarter.

The stock was volatile. The stock lost as much as 4.4% at the day's low of Rs 413.10 so far during the day. The stock rose as much as 2.39% at the day's high of Rs 442.50 so far during the day. The stock had hit a 52-week high of Rs 448.10 on Wednesday, 8 January 2014. The stock had hit a 52-week low of Rs 200.05 on 31 July 2013.

The stock had outperformed the market over the past one month till 8 January 2014, surging 22.46% compared with the Sensex's 1.27% fall. The scrip had also outperformed the market in past one quarter, spurting 95.01% as against the Sensex's 3.73% rise.

The small-cap company has equity capital of Rs 8.70 crore. Face value per share is Rs 2.

Shares of Aban Offshore had rallied 17.19% in three trading sessions to settle at Rs 432.15 on Wednesday, 8 January 2014, from a recent low of Rs 368.75 on 3 January 2014.

Aban Offshore during trading hours on Wednesday, 8 January 2014 said it has received a letter of award for the deployment of the jack-up rig Deep Driller 5 (owned by the company's step down subsidiary) offshore Vietnam, for a firm period of 1 year and an optional period of 1 year.

The estimated revenue from the deployment during the firm period is about $61.3 million (equivalent to approximately Rs 380 crore). The contract is likely to commence during April 2014, Aban Offshore said.

Aban Offshore's consolidated net profit surged 57.8% to Rs 77.68 crore on 5% growth in net sales to Rs 1001.59 crore in Q2 September 2013 over Q2 September 2012.

Aban Offshore is India's largest offshore drilling contractor in the private sector, offering drilling and oil field services for offshore exploration and production of hydrocarbons to the oil industry in India and abroad.

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