Aban Offshore jumps after Iran nuclear deal

Aban Offshore spurted 16.47% to Rs 322.50 at 15:21 IST on BSE on reports that Iran and six major powers have reached a historic nuclear deal.

Meanwhile, the S&P BSE Sensex was down 42.20 points or 0.15% at 27,918.99.

The stock surged on heavy volumes. On BSE, so far 28.70 lakh shares were traded in the counter as against average daily volume of 2.17 lakh shares in the past one quarter.

The stock hit a high of Rs 329 and a low of Rs 277.25 so far during the day. The stock had hit a 52-week low of Rs 276 yesterday, 13 July 2015. The stock hit a 52-week high of Rs 821 on 5 August 2014.

The stock had underperformed the market over the past one month till 13 July 2015, sliding 8.7% compared with the Sensex's 5.81% rise. The scrip had also underperformed the market in past one quarter, declining 40.6% as against Sensex's 3.73% fall.

The small-cap company has equity capital of Rs 11.67 crore. Face value per share is Rs 2.

According to reports, Iran and six major world powers reached a nuclear deal today, 14 July 2015, capping more than a decade of on-off negotiations with an agreement that could potentially transform the Middle East. Under the deal, sanctions imposed by the United States, European Union and United Nations would be lifted in return for Iran agreeing long-term curbs on a nuclear programme that the West has suspected was aimed at creating a nuclear bomb, as per reports.

For Aban Offshore, which is engaged in oil exploration and production, the event has come as key positive development given its high exposure to the Iran market, reports suggested.

On consolidated basis, Aban Offshore's net profit fell 29.2% to Rs 113.54 crore on 5.7% decline in net sales to Rs 991.38 crore in Q4 March 2015 over Q4 March 2014.

Aban Offshore offers a diverse range of offshore drilling services to clients in India and abroad.

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