 "Videocon Industries rallies on new oil discovery Brazil")
Videocon Industries has moved higher by 8% to Rs 172 on BSE after the company announced new discovery of oil accumulation in Farfan area in the Sergipe basin, offshore Brazil.
Brazilian oil giant Petrobras, which is the operator of the BM-SEAL-11 concession, has announced the new discovery of oil accumulation in Farfan area in the Sergipe basin, Videocon said in a statement.
Petrobras is the operator of the block with a 60% interest while IBV Brasil (a 50:50 joint venture of BPCL and Videocon) holds the remaining 40% stake.
Shares of Videocon Industries has opened at Rs 160 and touched high of Rs 173 on BSE. The trading volumes on the counter more than doubled with a combined 1.15 million shares changed hands till 1035 hours on BSE and NSE.
Brazilian oil giant Petrobras, which is the operator of the BM-SEAL-11 concession, has announced the new discovery of oil accumulation in Farfan area in the Sergipe basin, Videocon said in a statement.
Petrobras is the operator of the block with a 60% interest while IBV Brasil (a 50:50 joint venture of BPCL and Videocon) holds the remaining 40% stake.
Shares of Videocon Industries has opened at Rs 160 and touched high of Rs 173 on BSE. The trading volumes on the counter more than doubled with a combined 1.15 million shares changed hands till 1035 hours on BSE and NSE.