BPCL has surged 8% to Rs 333, while Videocon Industries up 3% at Rs 175 on NSE.
Bharat Petroleum Corporation Limited (BPCL) has surged nearly 8% to Rs 333 on NSE reports that a drilling campaign off Brazil's northeastern coast showed that an area control by the consortium of IBV Brazil likely hold more than a billion barrels of oil.
The stock opened at Rs 315 and has seen a combined around 1.4 million shares change hands on the counter till 0950 hours on NSE and BSE.
Petroleo Brasileiro SA, as Brazil's state-run oil company is formally known, and IBV Brazil, a 50-50 joint venture between BPCL and Videocon Industries, have determined the SEAL-11 exploration block contains very large amounts of high-quality light crude oil and natural gas, the Reuters report suggests.
The SEAL-11 block and adjacent areas, 100 kilometers (62 miles) off the coast of the Brazilian state of Sergipe, may hold more than 3 billion barrels of oil in place. If confirmed, that would make the block - owned 60% by Petrobras and 40% by IBV - one of the biggest global discoveries of the year, added report.
Meanwhile, Videocon Industries is trading higher by 3% at Rs 175 on BSE.
Bharat Petroleum Corporation Limited (BPCL) has surged nearly 8% to Rs 333 on NSE reports that a drilling campaign off Brazil's northeastern coast showed that an area control by the consortium of IBV Brazil likely hold more than a billion barrels of oil.
The stock opened at Rs 315 and has seen a combined around 1.4 million shares change hands on the counter till 0950 hours on NSE and BSE.
Petroleo Brasileiro SA, as Brazil's state-run oil company is formally known, and IBV Brazil, a 50-50 joint venture between BPCL and Videocon Industries, have determined the SEAL-11 exploration block contains very large amounts of high-quality light crude oil and natural gas, the Reuters report suggests.
The SEAL-11 block and adjacent areas, 100 kilometers (62 miles) off the coast of the Brazilian state of Sergipe, may hold more than 3 billion barrels of oil in place. If confirmed, that would make the block - owned 60% by Petrobras and 40% by IBV - one of the biggest global discoveries of the year, added report.
Meanwhile, Videocon Industries is trading higher by 3% at Rs 175 on BSE.
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