Aban Offshore recovers on bargain hunting

Aban Offshore rose 2.91% to Rs 181.95 at 14:39 IST on BSE, with the stock recovering on bargain hunting after recent slide.

Meanwhile, the S&P BSE Sensex was up 16.03 points, or 0.05% at 31,161.83. The S&P BSE Small-Cap index was up 145.04 points, or 0.96% at 15,225.25.

On the BSE, 1.95 lakh shares were traded on the counter so far as against the average daily volumes of 1.85 lakh shares in the past one quarter. The stock had hit a high of Rs 183 and a low of Rs 176.90 so far during the day.

The stock had hit a 52-week high of Rs 286 on 25 October 2016 and a 52-week low of Rs 175.05 on 31 May 2017. The stock had underperformed the market over the past one month till 31 May 2017, declining 21.12% compared with the Sensex's 4.1% rise. The scrip had also underperformed the market over the past one quarter declining 25.85% as against the Sensex's 8.36% rise.

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

Shares of Aban Offshore had declined 10.23% in the preceding three trading sessions to settle at Rs 176.80 yesterday, 31 May 2017, from its close of Rs 196.95 on 26 May 2017.

Aban Offshore reported consolidated net loss of Rs 337.11 crore in Q4 March 2017, higher than net loss of Rs 202.28 crore in Q4 March 2016. Net sales fell 37.9% to Rs 390.86 crore in Q4 March 2017 over Q4 March 2016.

Aban Offshore owns and operates several offshore drilling rigs, drill ships, and a floating production facility.

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