Videocon Industries rises on oil find in Brasil

Shares of Videocon Industries were up nearly 5% at Rs 166 after the company announced oil find in Brazil, South America.

Petrobras, operator of the block SEAL-M-426 in BM-SEAL-11 Concession, Brasil, has completed the formation test (assessing the potential of a petroleum deposit) of well 3-BRSA-1286-SES in ultra-deep waters of the Sergipe-Alagoas Basin, the company said in a release today.

The results of the formation test confirmed the presence of light oil and good productivity of the reservoirs, the release added.

The stock opened at Rs 162 and touched a high of Rs 167. At 11AM, over 487,000 shares were traded on the stock exchanges.