After the company said it had received an order from ONGC, the stock's shares were stuck in the upper circuit of 5%. The stock of microcaps touched an intraday high of Rs 54.40, rising 5% against the previous close of Rs 51.85 on the BSE.
The stock was trading at a low of Rs 50.4 in early trade, falling 2.61% on the BSE. Aban Offshore stock trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.
The stock has gained 129.54% in a year and 89.22% since the beginning of the year. The firm's market cap rose to 317.5 crore.
The firm's shares changed hands with a turnover of 7.76 lakh crore on BSE, which is a total of 0.15 lakh.
The stock hit a 52 week high of Rs 74.90 on October 12, 2021 and a 52 week low of Rs 22.55 on November 17, 2020.
The company said in an exchange filing that its step-down subsidiary Aban Singapore PTE received a letter of award from Oil Natural Gas Corporation ONGC for the development of jack-up rig Aban VIII for a period of three years.
It added that the development is likely to begin in the second quarter of 2022.
Net loss of Rs 193.85 crore was widened for the quarter ended September, and Aban Offshore's net loss increased to Rs 248.07 crore for the quarter ended September 2020.
Sales fell 52.23% to Rs 140.28 crore in Q 2 of the fiscal against 293.66 crore during the quarter ended September 2020.
Aban Offshore provides oil field services for the oil industry for offshore exploration and production of hydrocarbons. The company offers technical services, specialists drilling and other services for offshore oil exploration and development. The company has its own floating production and storage facilities.