Oil India has surged 4% to Rs 583 in early morning deals, extending its previous day’s nearly 3% gain, on reports that the state-owned oil exploration and production company is close to acquiring another gas asset in Africa after buying stake in Mozambique gas field.
“Oil India will be announcing another acquisition of a significant oil and gas asset for about $200 million (Rs 1,200 crore) in Africa by July end. The company is in the final stages of negotiations currently,” the Economic Times newspaper report suggests quoting the company’s senior executive.
The stock opened at Rs 566 and touched high of Rs 586 on BSE. A combined 107,735 shares have changed hands on the counter so far on BSE and NSE.
“Oil India will be announcing another acquisition of a significant oil and gas asset for about $200 million (Rs 1,200 crore) in Africa by July end. The company is in the final stages of negotiations currently,” the Economic Times newspaper report suggests quoting the company’s senior executive.
The stock opened at Rs 566 and touched high of Rs 586 on BSE. A combined 107,735 shares have changed hands on the counter so far on BSE and NSE.
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