Aban Offshore rallies on bagging orders from ONGC

MUMBAI: Shares of Aban Offshore surged over 13 per cent in trade after the company bagged orders from ONGC

The two orders are for deployment of jack-up rigs Aban IV and Aban III for a period of 3 years. The total value of these orders is approximately is Rs 1114 crore.

The contracts are expected to commence during the first quarter of calendar year 2015.

According to an analyst tracking the stock, this is big positive for the company and the stock can witness a sharp rally from here onwards.

At 02:30 p.m.; the stock was at Rs 641.90, up 13.02 per cent, on the BSE. It touched a high of Rs 651 and a low of Rs 546.35 in trade today.