Shares of Aban Offshore are going up. Know why

Shares of Aban Offshore Ltd., a provider of oil rigs, rose more than 4 percent after both profit and sales showed a modest uptick.

Aban Offshore said its first quarter Net Profit rose 9.8 percent to 73 crore rupees compared with 66.5 crore rupees in the same quarter a year ago. Sales during April-June gained 12 percent to 234 crore rupees from 209 crore rupees in the year ago period.

Aban Offshore rose 4.5 percent, or 12 rupees, to 313 rupees on the National Stock Exchange, where 28.7 lakh shares were traded compared with the 5-day average of 15.2 lakhs.

Aban Offshore's market capitalisation has fallen 60 percent over the past one year to 1,787 crore rupees a fall in the global crude oil prices forced explorers to cut down on deep sea activities.

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