Aban Offshore sails high

Aban Offshore has been a roll these past couple of days. On Friday, the stock showed jump in volumes and stock hit a new high at rs.450.50, hitting the upper circuit. Today too, volumes are up and the stock has hit a new high at Rs.506. It has come off the highs but is currently up over 10% at Rs.493 levels.

The stock hit the roof that FII brokerage house, Merrill Lynch Capital Markets Espana SA SVB, on Friday, through a block deal, purchased over 2.96 lakh shares of the company or a small 0.07% stake at a price of Rs.414.10/share on the NSE.  As at 31st Dec, Merrill Lynch did not have any holding in the company and this is its first bulk buy in the company, signalling its new found preference for this stock.