Aban Offshore shares extend rally; zoom over 19 per cent

MUMBAI: Shares of Aban Offshore today soared by over 19 per cent, extending past three days' rally, after the company reported nearly 58 per cent growth in consolidated net profit for the quarter ended September 30, 2013.

Aban Offshore's stock ended the day 17.09 per cent higher at Rs 296.05 on the BSE. During the day, it jumped 20 per cent to Rs 303.40.

At the NSE, the scrip zoomed 19.29 per cent to close at Rs 301.10.

In terms of volume, 16.66 lakh shares of the company changed hands on the BSE, while over 52 lakh shares were traded at the NSE during the day.

"Among the mid-cap names, Aban Offshore soared 20 per cent for the day. The strong buying interest came on the back of strong Q2 numbers posted by the company. Its consolidated profit grew by 58% YoY supported by improvement in operating margins," said Milan Bavishi, Head Research, Inventure Growth and Securities.

Since the day of result announcement on Wednesday, the stock has rallied over 21 per cent.

Aban Offshore has reported a 58 per cent year-on-year (yoy) jump in consolidated net profit at Rs 77.68 crore for the second quarter ended September 30, 2013.

The company had posted a profit of Rs 49.24 crore in the year ago period.