Videocon Industries rose 1.49% to Rs 180 at 12:34 IST on BSE, with the stock recovering on renewed buying as the company on Tuesday, 5 November 2013 announced an addition to its resources with successful appraisal well in Brazil.
The announcement was made during trading hours on Tuesday, 5 November 2013. The stock had lost 1.05% to settle at Rs 177.35 on that day in a weak market.
Meanwhile, the S&P BSE Sensex was down 30.19 points or 0.14% at 20,944.60.
On BSE, 27,000 shares were traded in the counter as against average daily volume of 35,999 shares in the past one quarter.
The stock hit a high of Rs 182 and a low of Rs 179.50 so far during the day. The stock had hit a 52-week high of Rs 246.25 on 3 December 2012. The stock had hit a 52-week low of Rs 163.75 on 31 July 2013.
The stock had underperformed the market over the past one month till 5 November 2013, advancing 0.57% compared with the Sensex's 5.32% rise. The scrip had also underperformed the market in past one quarter, gaining 3.29% as against Sensex's 9.34% rise.
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The mid-cap company has equity capital of Rs 318.77 crore. Face value per share is Rs 10.
Videocon Industries said that Anadarko Petroleum Corporation in its Q3 Operations Report announced that the Wahoo-5 appraisal well in BM-C-30 Concession drilled the eastern flank of the Wahoo structure and encountered more than 200 net feet of high-quality pay in a pre-salt reservoir, with a total hydrocarbon column now established at 460 feet. Anadarko, through a wholly owned subsidiary, holds a 30-percent working interest and is the operator of BM-C-30. BP holds a 25-percent working interest, IBV Brasil holds 25-percent and Maersk holds the remaining 20-percent working interest. Wahoo-5 Appraisal Well was spudded on 17 June 2013 using Blackford Dolphin Rig.
IBV Brasil is a Brazilian joint venture company equally held by Videocon Energy Brazil, a wholly owned overseas subsidiary of Videocon, and BPRL Ventures N.V., a wholly owned subsidiary of Bharat Petroleum Corporation (BPCL).
Videocon Industries' net profit declined 78.8% to Rs 10.63 crore on 0.5% growth in net sales to Rs 3032.45 crore in the quarter ended 30 June 2013 over the quarter ended 30 June 2012. The company announces the quarter ended 30 September 2013 results on 14 November 2013.
Videocon Industries is a well known brand in the consumer electronics and home appliances category offering a full range of products in televisions, washing machines, air-conditioners, refrigerators, audio products, home theatre systems and microwave ovens. The company is also into oil and gas exploration and extraction business.
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