Videocon Industries rose 14.12% to Rs 181.80 at 10:51 IST on BSE after the company announced new discovery of oil accumulation in Farfan Area in the Serqipe Basin, Offshore Brazil.
The announcement was made during trading hours today, 9 January 2015.
Meanwhile, the BSE Sensex was up 181.19 points, or 0.66%, to 27,455.90.
On BSE, so far 8 lakh shares were traded in the counter, compared with an average volume of 48,779 shares in the past one quarter.
The stock hit a high of Rs 188.10 and a low of Rs 159.75 so far during the day. The stock hit a 52-week high of Rs 211.05 on 10 June 2014. The stock hit a 52-week low of Rs 154.95 on 16 December 2014.
The stock had outperformed the market over the past one month till 8 January 2015, rising 0.13% compared with 3% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 4.09% as against Sensex's 3.92% rise.
The mid-cap company has an equity capital of Rs 318.77 crore. Face value per share is Rs 10.
Videocon Industries announced that Petroleo Brasileiro SA (Petrobras), the operator of the BM-SEAL-11 concession (the concession) has discovered new oil accumulation in Farfan area in the Sergipe Basin.
The filing said drilling in the well on the Farfan prospect found a new 28-meter column of oil. The results confirm the light oil and gas discovery in Farfan area, as announced to the market by Petrobras on 9 August 2013. The discoveries also include natural gas, the filing said. Farfan is located 107km east of Aracaju, the capital of Brazil's Sergipe state.
Petrobras holds 60% participating interest in the concession and IBV Brasil (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), a Government of India majority held company) holds the remaining 40% participating interest in the concession. The consortium will carry on operations in the area to further confirm the extent of the hydrocarbons in place and the characteristic of the reservoir conditions encountered.
Shares of BPCL were up 1.03% at Rs 684.55.
Pradeep N. Dhoot, Dubai based Director of Global E&P Business of Videocon Hydrocarbon Holdings said, "The discovery of Hydrocarbons in what was proposed as a Data Acquisition Well and that too further away from reservoir of wells already drilled in the Sergipe Block is likely to add further to the hydrocarbon resources already indicated in the said Blocks."
Videocon Industries had reported 93.35% slide in net profit to Rs 1.34 crore on 1.4% rise in total income to Rs 3407.86 crore in quarter ended September 2014 over quarter ended September 2013. The current accounting year of the company has been extended by a period of six months. As such the current accounting year shall be of 18 months ending 31 December 2014.
Videocon Industries offers range of products in televisions, washing machines, air-conditioners, refrigerators, audio products, home theatre systems and microwave ovens. The company operates in four segments: Consumer Electronics and Home Appliances, Crude Oil and Natural Gas, Telecommunications, and Power.
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