Advertisement

HindustanTimes Fri,18 Apr 2014

Videocon-BPCL finds oil in Brazil, shares surge

HT Correspondent, Hindustan Times  New Delhi, September 28, 2013
First Published: 01:26 IST(28/9/2013) | Last Updated: 01:30 IST(28/9/2013)

Shares of Videocon Industries and state-owned oil major Bharat Petroleum Corp Ltd (BPCL) surged over 6% on the Bombay Stock Exchange on Friday, after the two companies together announced finding more than a billion barrels of oil in a Brazilian off-shore field, in one of the biggest global discoveries of the year.

Advertisement

While Videocon Industries closed 6.3% higher at Rs. 181, BPCL rose 6.1% to Rs. 329 on the BSE.

Government-owned Brazil Petroleo Brasileiro SA and IBV Brasil, a 50:50 joint venture between BPCL and Videocon Industries, made the discovery off Brazil’s north-eastern coast that SEAL-11 exploration block has large reserves of oil and gas.

When contacted, executives of both Videocon Group and BPCL refused to comment.

Advertisement
more from Business

Wipro Q4 net up 41%, beats expectations

India’s third-largest software services exporter, Wipro, on Thursday beat expectations with a 41% year-on-year growth in consolidated net profit to Rs. 2,230 crore for the quarter ended March 31. 2014 aided by IT spending by customers.

markets
Advertisement
Most Popular
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved