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Aban Offshore shares surge
Investors in offshore and oilfield services provider, Aban Offshore, have a reason to party tonight – its shares jumped 27 percent to close at 1536 rupees, making it the top gainer on the Bombay stock exchange on Wednesday.
The company said on Tuesday that it expects revenue of $695 million (around 3,400 crore rupees) from two contracts it signed for deploying four rigs. The trading volumes in this counter were high and stood at 3.8 million shares, its highest single day volume since mid-May.
The company posted a consolidated net profit of 1.11 billion rupees on net sales of 7.93 billion rupees in the quarter ended June.
Its shares have risen by over 71 percent since July and an astonishing 284 percent since April this year, data from Thomson Reuters shows.
Will you buy this stock after the upsurge?