Aban Offshore sets sailing

Aban Offshore has literally zoomed up within a span of a few minutes. The stock which was in a ho-hum kind of mood suddenly shot up to 329.50, up over 3%. Volumes shot up to over one lakh shares.

The stock is up on news that the company has bagged a Rs.1110 crore order from ONGC. The order is for a 600-feet floater rig for charter hire. This will be custom made for ONGC and the order is spread over 3 years. Analysts say that this is the beginning of more orders to come in from ONGC.