Videocon Inds surges 7% on stake sale hopes

ONGC is in talks to buy Videocons’s 10% stake in a giant gas field off Mozambique

Videocon Inds has spurted 6.63% at Rs 205 on news that ONGC is in talks to buy the company’s 10% stake in a giant gas field off Mozambique.

The company plans to ship the fuel in its liquid form (LNG) to a proposed LNG terminal at Mangalore.

ONGC Videsh Ltd, the overseas arm of the state explorer, and Oil India Ltd (OIL) are together negotiating for the stake for which Videocon is reportedly seeking at least $3 billion, sources privy to the development said.

In the intraday deal, the stock opened at Rs 196.10 and made a high of Rs 226.95. Around 5,00,000 shares were traded in BSE & NSE.