Aban Offshore rose 3.05% to Rs 331.45 at 13:12 IST on BSE, with the stock extending Tuesday's rally triggered by Iran entering into a historic nuclear deal with six major world powers.
Meanwhile, the S&P BSE Sensex was up 237.68 points or 0.85% at 28,170.58.
The stock gained on heavy volumes. On BSE, so far 10.94 lakh shares were traded in the counter as against average daily volume of 2.60 lakh shares in the past one quarter.
The stock was volatile. The stock rose as much as 5.7% at the day's high of Rs 340 so far during the day. The stock rose 0.41% at the day's low of Rs 323 so far during the day. The stock had hit a 52-week high of Rs 821 on 5 August 2014. The stock had hit a 52-week low of Rs 276 on 13 July 2015.
The stock had outperformed the market over the past one month till 14 July 2015, advancing 6.05% compared with Sensex's 5.71% rise. The scrip had, however, underperformed the market in past one quarter, sliding 31.01% as against Sensex's 3.83% fall.
The small-cap company has equity capital of Rs 11.67 crore. Face value per share is Rs 2.
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Shares of Aban Offshore have rallied 19.7% in two trading sessions from a recent low of Rs 276.90 on 13 July 2015 as Iran and six major world powers reached a historic nuclear deal yesterday, 14 July 2015, capping more than a decade of on-off negotiations with an agreement that could potentially transform the Middle East. The stock had rallied 16.16% to settle at Rs 321.65 yesterday, 14 July 2015.
For Aban Offshore, which is engaged in oil exploration and production, the event has come as key positive development given its high exposure to the Iran market, reports suggested. Further, reports added that Iran contributes 35% of the total revenue for Aban Offshore. Also, the company has 5 rigs deployed in Iran currently and hence, lifting of restrictions on Iran will aid the company's working capital situation, reports suggested.
On consolidated basis, Aban Offshore's net profit fell 29.2% to Rs 113.54 crore on 5.7% decline in net sales to Rs 991.38 crore in Q4 March 2015 over Q4 March 2014.
Aban Offshore offers a diverse range of offshore drilling services to clients in India and abroad.
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