BPCL, Videocon Inds edge higher

BPCL and Videocon Industries rose 0.06% to 0.73% at 12:44 IST on BSE after BPCL's wholly owned subsidiary said that Petrobras has successfully completed the formation test in the SEAL-M-426 block, in ultra-deep waters of the Sergipe-Alagoas Basin.

The announcement was made during market hours today, 17 April 2015.

BPCL (up 0.06% at Rs 801.40) and Videocon Industries (up 0.73% at Rs 159.70) edged higher.

Meanwhile, the S&P BSE Sensex was down 73.37 points or 0.26% at 28,592.67.

Bharat PetroResources (BPRL), a wholly owned subsidiary of BPCL, today, 17 April 2015, announced that Petrobras, the operator of the block SEAL-M-426 in Brazil has successfully completed the formation test (assessing the potential of a petroleum deposit) in the block which in located in ultra-deep waters of the Sergipe-Alagoas Basin. The announcement was made during market hours today, 17 April 2015. The results of the formation test confirmed the presence of light oil and good productivity of the reservoirs. The consortium plans to continue with the Discovery Assessment Plan, as approved by the Brazilian upstream regulatory agency ANP. Petrobras is the operator of the concession with 60% interest, in partnership with IBV Brazil (a 50:50 joint venture company formed by wholly owned subsidiaries of Bharat PetroResources and Videocon Industries) holding the remaining 40%.

BPCL reported net profit of Rs 551.16 crore in Q3 December 2014 compared with net loss of Rs 1088.94 crore in Q3 December 2013. Net sales declined 10.6% to Rs 57872.82 crore in Q3 December 2014 over Q3 December 2013.

The Government of India held 54.93% stake BPCL (as per the shareholding pattern as on 31 March 2015).

Videocon Industries' net profit rose 5.6% to Rs 18.61 crore on 2.3% decline in net sales to Rs 3135.14 crore in the quarter ended 31 December 2014 over the quarter ended 31 December 2013.

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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