Videocon Industries is trading 3% higher at Rs 182 after its unit Videocon Energy Brazil, said its senior partner Petrobras of Brazil had discovered oil and gas off the Latin American nation's coast.
“Petroleo Brasileiro SA, the operator of block BM-SEAL-11 found oil and natural gas in Sergipe-Alagoas Basin in Brazil. Excellent quality hydrocarbons were observed during the testing,” Videocon said in a filing to the stock exchanges.
Petrobras is the operator of the block with 60% interest and IBV Brasil (a 50:50 joint venture company of Videocon Energy Brazil and Bharat Petroleum Corporation's (BPCL) subsidiary Bharat PetroResources) holding the balance 40% interest.
The stock opened at Rs 176 and hit a high of Rs 183 on the NSE. A combined 418,176 shares have changed hands till 1004 hours.
