Aban Offshore spurts after orders from ONGC

Aban Offshore soared 11.23% to Rs 631.75 at 14:50 IST on BSE after the company said it has secured two orders worth Rs 1114 crore from ONGC.

The new orders were announced during market hours today, 10 October 2014.

Meanwhile, the S&P BSE Sensex was down 255.21 points or 0.96% at 26,382.07.

On BSE, so far 12.60 lakh shares were traded in the counter as against average daily volume of 2.90 lakh shares in the past one quarter.

The stock hit a high of Rs 651 and a low of Rs 546.35 so far during the day.

The stock had underperformed the market over the past one month till 9 October 2014, declining 24.73% compared with Sensex's 2.3% fall. The scrip had also underperformed the market in past one quarter, sliding 29.64% as against Sensex's 4.69% rise.

The mid-cap company has equity capital of Rs 11.37 crore. Face value per share is Rs 2.

Aban Offshore said it has secured an order from ONGC for the deployment of jack-up rig Aban IV for a period of 3 years. The total value of this firm order is approximately $91.33 million (equivalent to Rs 557 crore). The contract is expected to commence during the first quarter of calendar year 2015, Aban Offshore said.

The company also secured an order from ONGC for the deployment of jack-up rig Aban III for a period of 3 years. The total value of this firm order is approximately $91.33 million (equivalent to Rs 557 crore). The contract is expected to commence during the first quarter of calendar year 2015, Aban Offshore said.

Aban Offshore's consolidated net profit jumped 104.3% to Rs 152.69 crore on 15.7% growth in net sales to Rs 1027.78 crore in Q1 June 2014 over Q1 June 2013.

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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