Money on the markets
A maturing market amid the mayhem
Shares in ABan Offshore lost almost a fifth of their value on Friday after its gas exploration rig sank in the Carribean. The counter ended 18.2 percent lower at 831 rupees, with volumes of over 3.9 million shares.
An analyst said the rig might hurt revenues of the company. “This was one of the best assets for the company with a day rate of $385,000, which is the second highest revenue for the company in day rate terms,” Mehul Thanawala, Vice President (Research) at JM Financial, told Reuters.
For the year the counter has dropped over 30 percent. Do you think it will slide further after the rig incident?
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.