Aban offshore has a Rs 13,000 crore debt on its books and a market cap of only Rs 1,645 crore, down 90 per cent from its peak on May 23 last year. The huge debt is a result of the company, earlier known as Aban Lloyd, buying a 33.7 per cent stake in Sinvest ASA, a Norwegian drilling company, for Rs 5,200 crore. The acquisition gave Aban access to eight premium jack-up rigs with contracts, but it also increased its debt substantially.
The fall in metal and mining stocks comes on the back of weak Chinese trade data
The six-month moratorium on deep-water drilling in the Gulf of Mexico is likely to delay the deployment of idle rigs by Aban Offshore and impact the day rates for support vessels that companies such as Great Offshore supply.
Aban Offshore, India's largest oil rig company, is likely to come under increased stress for repaying debt after the loss of its semi-submersible rig, Aban Pearl, which sank in the early hours of Thursday, according to analysts.
Utility vehicles manufacturer Mahindra & Mahindra will replace Hero Honda in the country's benchmark index Sensex from July 9.
India may soon see a new set of oil barons with lesser-known companies venturing into crude oil and natural gas production. These new kids on the block have come up through a mix of entrepreneurial grit and backing from oil industry veterans. Nippon Power, South Asia Consultancy, PFH (Poddar Family Holdings) Resources and Chennai-based Adbhoot Estates could be the first ones to start production from blocks awarded during the first round of Discovered Small Field (DSF-1) auctions. Adbhoot is in a 50:50 joint venture with the Bombay Stock Exchange-listed Hindustan Oil Exploration Company that has some five oil producing assets and over 10 blocks across the country.
The haircut for major banks stands at 52 per cent, if the dues of Jaypee Infrastructure, Lanco Infrastructure and Era Infrastructure are kept out of the calculation.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Metal shares gained on hopes that the government may adopt ordinance route for mines sector reforms
The S&P BSE Sensex has dipped five per cent, thus far, in CY15.
Markets finished the session on a dismal note with Sensex closing at its lowest level since August 2014.
FII stance, progress of monsoon, crude oil and rupee movement are likely to dictate the trend.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Natco Pharma, Wockhardt and Marksans have rallied between 50 and 70 per cent in the year till date.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
Experts say investors should be careful, as even a 50-100 bps cut in rates will not help such companies if their business is not doing well. Check what is the problem and consider
Reliance Industries and ONGC were down 4-6% each contributing the most to the Sensex losses
The 30-share Sensex is down 359 points at 26,378 and the Nifty has dropped 78 points to trade at 7,883
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' stock market queries. Ajit will offer his unbiased views on a weekly basis
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
While some companies used that to become world leaders, others squandered it by over-borrowing.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers's queries on stocks they own or want to buy.
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