Videocon Industries has rallied 8% to Rs 220 on back of heavy volumes in morning deals on reports that ONGC Videsh Limited, the overseas arm of Oil & Natural Gas Corporation (ONGC), eyes Videocon Industries' 10% stake in Mozambique's Rovuma offshore block.
“A due diligence exercise to evaluate reserves and other financial and commercial details of the Mozambique gas field, the world's biggest gas discovery in a decade, will begin from early February,” the Economic Times report suggests.
The stock opened at Rs 206 and hit a high of Rs 222 on the NSE. As many as a combined 375,000 shares have already changed hands on the counter so far against an average sub 150,000 shares that were traded daily in past two weeks.
