Aban Offshore rose 2.43% to Rs 244.60 at 10:14 IST on BSE after the company said it will invest 49% in the equity share of Aban Drilling Services.
Meanwhile, the BSE Sensex was down 64.87 points, or 0.24%, to 26,424.69.
On the BSE, so far 1.19 lakh shares were traded in the counter, compared with average daily volumes of 5.58 lakh shares in the past one quarter. The stock had hit a high of Rs 247.50 and a low of Rs 242.10 so far during the day.
The stock hit a 52-week high of Rs 286 on 25 October 2016. The stock hit a 52-week low of Rs 142.50 on 12 February 2016. The stock had outperformed the market over the past 30 days till 16 December 2016, rising 12.80% compared with the 1% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 16.69% as against Sensex's 7.38% decline.
The small-cap company has equity capital of Rs 11.67 crore. Face value per share is Rs 2.
Aban Drilling Services is a newly incorporated company with paid up capital of Rs 50,000 (5,000 equity shares of Rs 10 each). With this acquisition, Aban Offshore will explore opportunity in deep water drilling.
On a consolidated basis, Aban Offshore reported net loss of Rs 274.74 crore in Q2 September 2016 as against net profit of Rs 59.56 crore in Q2 September 2015. Net sales declined 59.70% to Rs 399.01 crore in Q2 September 2016 over Q2 September 2015.
Aban Offshore owns and operates several offshore drilling rigs, drill ships, and a floating production facility.
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