what is the reason for the sudden spurt? was the share deliberately down becoz of qip placement-

now watch the movement...i have bought it at 1100 - 100 shares and waiting for a target of 1600 or more. will see the target in short to medium term

This company still having mountain of debts.

Buy at these levels:
Aban Offshore’s successful qualified institutional placement (QIP) of equity shares comes as a major positive development for the debt-ridden

company, which had recently rescheduled its debt obligations.

With an outstanding debt of over Rs 16,600 crore, the company’s debt-to-equity ratio stayed above 9.5 for the year ended March 2009. This will now ease to below 6, after the QIP placement. This equity infusion and earlier debt rescheduling signal an attempt by the company to overcome key hurdles to performance — both financial as well as relating to the stock market — over the past couple of years.

With oil prices rebounding above the level, Aban Offshore has been able to deploy 17 of its vessels and has just three jack-up rigs idle presently. This, along with the improvement in the global E&P industry, has helped ease the concerns of the analyst community. Most brokerage houses are now offering a ‘hold’ or ‘buy’ recommendation on the company.

Source: ET

Buy Buy Buy.

As I already mentioned that "Most brokerage houses are now offering a ‘hold’ or ‘buy’ recommendation on the company", you can see that Anand Rathi has come up with revised target of 2200. I again recommend buy at these levels for good short to mid term gains