Videocon Industries jumped 4.63% to Rs 210.35 at 12:15 IST on BSE after the company's chief, Venugopal Dhoot, said in a television interview that the company will consider special dividend and bonus shares.
Meanwhile, the S&P BSE Sensex was up 18.20 points, or 0.10%, to 18,647.35.
On BSE, 2.54 lakh shares were traded in the counter as against an average daily volume of 64,595 shares in the past one quarter.
The stock hit a high of Rs 214.50 and a low of Rs 204.25 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 161.10 on 27 July 2012.
The stock had outperformed the market over the past one month till 25 June 2013, falling 2.59% compared with the Sensex's 5.46% fall. The scrip had also outperformed the market in past one quarter, rising 2.66% as against Sensex's 0.28% fall.
The mid-cap company has an equity capital of Rs 318.77 crore. Face value per share is Rs 10.
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Videocon Industries' plan to consider special dividend and bonus shares comes after ONGC and Oil India agreed to buy a 10% stake in a Mozambique gas field from Videocon Group for $2.48 billion.
ONGC Videsh (OVL), the overseas arm of state-owned ONGC, and Oil India signed definitive agreements in Singapore on Tuesday, 25 June 2013, with Videocon Mauritius Energy to acquire 100% of shares in Videocon Mozambique Rovuma 1, the company holding a 10% participating interest in the Rovuma Area 1 offshore block in Mozambique for $ 2.475 billion. The acquisition is expected to be implemented via a newly incorporated special purpose vehicle jointly owned by Oil India and OVL. While OVL will acquire 6% stake in the block, Oil India will acquire 4% stake. The transaction is expected to close in the fourth quarter of 2013.
Venugopal Dhoot said in an interview with news channel today, 26 June 2013, that the company will use the fund from the stake sale in Mozambique gas field to retire its debt and reward shareholders. The company is looking for special dividend, bonus in the next extraordinary general meeting (EGM), he added.
Meanwhile, Dhoot said that the company applied for a banking license on Tuesday, 25 June 2013.
Videocon Industries reported net loss of Rs 198.96 crore in Q4 March 2013 as against net profit of Rs 50.32 crore in Q4 March 2012. Net sales rose 0.43% to Rs 3002.57 crore in Q4 March 2013 over Q4 March 2012.
Videocon 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 also has an oil and gas business in the exploration and extraction areas.
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