Aban Offshore jumped 4.85% to Rs 444.60 at 12:49 IST on BSE after the company said it received a contract worth approximately Rs 380 crore to deploy jack-up rig offshore Vietnam for a firm period of 1 year.
The announcement was made during trading hours today, 8 January 2014.
Meanwhile, the BSE Sensex was up 18.80 points, or 0.09%, to 20,712.04.
On BSE, so far 9.02 lakh shares were traded in the counter, compared with an average volume of 4.61 lakh shares in the past one quarter.
The stock hit a high of Rs 448.10 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 425.70 so far during the day. The stock 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 7 January 2014, rising 20.16% compared with the Sensex's 1.44% fall. The scrip had also outperformed the market in past one quarter, rising 92.14% as against Sensex's 4.01% rise.
The small-cap company has an equity capital of Rs 8.70 crore. Face value per share is Rs 2.
Aban Offshore said it 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 revenues 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, the company said in a statement.
Aban Offshore's consolidated net profit rose 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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