ABAN reaching our downside target which we had put on Dec/2009 & March 2010 and now we don’t hold any view on this stock.
ABANLLYOD we have held a Bearish view due to many factors now this Sinking of one of their rigs would be sentiment Negative but more important Crude correcting below $75 and making 3months low won’t help this stock in near term.Revenue impact due ABAN Pearl which is the company only semi-submersible Jack would be more than 20% of the company’s revenue http://www.moneycontrol.com/news/business/rig-owned-by-arm-determining-causeaccident-aban_457899.html
http://in.reuters.com/article/businessNews/idINIndia-48481420100514 "This was one of the best assets for the company with a day rate of $385,000, which is the second highest revenue for the company in day rate terms.
http://in.reuters.com/article/businessNews/idINIndia-48481420100514 "This was one of the best assets for the company with a day rate of $385,000, which is the second highest revenue for the company in day rate terms.
Previous update on March 05/2010 http://akprabhakar.blogspot.com/2010/03/update-on-abanoffshore-maintain-bearish.html
And view expressed on December o6/2010 http://akprabhakar.blogspot.com/2009/12/aban-offshore-looking-weak-below-1200.html
Point to note: The view above is expressed for investor to take additional information about a company and not for traders to short sell. ABAN in my view has a target of Rs.780 on downside and this may happen or may not happen as market has its own direction and own reason. http://prabhakar-views.blogspot.com/2010/02/caution-to-investors-from-sebi.html
