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Aban Offshore stock hits 5% upper circuit after subsidiary bags order from ONGC

Aban Offshore stock hits 5% upper circuit after subsidiary bags order from ONGC

The microcap stock touched an intraday high of Rs 54.40, rising 5% against the previous close of Rs 51.85 on BSE.

Aban Offshore stock trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages. Aban Offshore stock trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.

Shares of Aban Offshore were stuck in upper circuit of 5% today after the company said its arm bagged an order from ONGC.The stock has gained after five days of consecutive fall. The microcap stock touched an intraday high of Rs 54.40, rising 5% against the previous close of Rs 51.85 on BSE.

In early trade, the stock touched an intraday low of Rs 50.4, falling 2.61% on BSE. Aban Offshore stock trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.

The stock  has gained 129.54% in one year and risen 89.22% since the beginning of this year. Market cap of the firm rose to Rs 317.5 crore.

Total 0.15 lakh shares of the firm changed hands amounting to turnover of Rs 7.76 lakh crore on BSE.

The stock hit a 52-week high of Rs 74.90 on October 12, 2021 and 52-week low of Rs 22.55 on November 17, 2020.

The company in an exchange filing said that its step-down subsidiary Aban Singapore PTE has received a letter of award (LoA) from Oil & Natural Gas Corporation (ONGC) for the development of jack-up rig Aban VIII for a period of three years.

The development is likely to commence during the second quarter of calendar year 2022, it added.

For the quarter ended September, net loss of Aban Offshore widened to Rs 248.07 crore against net loss of Rs 193.85 crore during the quarter ended September 2020.

Sales slipped 52.23% to Rs 140.28 crore in Q2 of this fiscal against Rs 293.66 crore during the quarter ended September 2020.

Aban Offshore provides oil field services for offshore exploration and production of hydrocarbons to the oil industry. The company offers technical services, specialists drilling and other services for offshore oil exploration and development. The company also has its own floating production and storage facilities.