By Pooja Thakur July 14 (Bloomberg) -- Aban Offshore Ltd.<http://mail.google.com/apps/quote?ticker=ABAN%3AIN>, India’s largest oil rig company, rose the most in 15 years in Mumbai trading after Morgan Stanley raised the stock’s target price, citing improving business and a possible restructuring of its debt.
Aban, the best performer<http://mail.google.com/apps/quote?ticker=BSE500%3AIND> on the broader BSE500 index today, gained after Morgan raised the stock’s target price by 88 percent to 1,114 rupees a share. The shares jumped 25 percent to 813, the biggest gain since May 17, 1994, based on preliminary market closing prices in Mumbai. “Improving fundamentals for the offshore jack-up industry, increased probability of financial restructuring and our global view of higher crude oil prices should lead to higher rig rates and more contracts for Aban,” analysts including Mayank Maheshwari at Morgan Stanley said in a note to clients today, and reiterated their “overweight” rating on the stock. Aban <http://mail.google.com/apps/quote?ticker=ABAN%3AIN> had $3.2 billion of foreign currency debt, Morgan Stanley said in the note. The company on April 27 reported a loss of 930.4 million rupees ($19 million) in the fourth quarter, compared with a profit of 339.2 million a year earlier. http://www.bloomberg.com/apps/news?pid=20601091&sid=aGFjZbXPVcfU -- *Swami Vivekananda Speech at Chicago * Welcome Address http://www.youtube.com/watch?v=lxUzKoIt5aM --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
