Aban Offshore up after Macquarie's upgrade

Aban Offshore Ltd jumps 6.8% after Macquarie upgrades the stock to "outperform" from "underperform" and raises its target to Rs 1,090 from Rs 430.

"India's largest E&P drilling firm, Aban Offshore (ABAN), is starting to emerge from the debt-trap it faced due to an ill-timed leveraged-acquisition at the peak of the market," Macquarie said in a report on Wednesday.

The investment bank says it expects 20-30%higher rates for 3-5 rigs while Rs 600-900 crores of equity raising is also likely.