Videocon Inds up almost 4%

Videocon Industries is doing well in today morning session. The stock opened at Rs.215 and went on to hit an intra day high at Rs.227.10 and it currently remains in the green, up almost 4% at Rs.221.

The stock is up on the back of news announced by the company today morning that it has discovered a huge natural gas discovery in Mozambique. The company has stated that the Orca-1 discovery well encountered approximately 190 net feet (58 meters) of natural gas pay in a Paleocene fan system.

Videocon holds 10% stake in six blocks in the deep-water Rovuma Basin, off the Mozambique coast, which are held by its wholly owned subsidiary, Videocon Hydrocarbon Holdings.