ONGC shares gain nearly 4% on BSE

ONGC shares gain nearly 4% on BSE Mumbai: Shares of Oil and Natural Gas Corp Tuesday closed up by nearly 4 percent as the company along with Oil India Ltd announced buying of Videocon Industries' 10 percent stake in a giant Mozambique gas field for USD 2.5 billion.

ONGC's shares ended 3.80 percent higher at Rs 310.20 on the BSE. During the intra-day, the stock surged 5 percent to Rs 313.80.

Shares of Oil India Ltd, however, fell by 2.10 percent to Rs 544.20. Videocon Industries also tanked 5.72 percent to Rs 201.05.

In the third acquisition in ten months, ONGC along with Oil India Ltd will buy Videocon Industries' 10 percent stake in a giant Mozambique gas field for USD 2.5 billion and may pay a similar amount to buy a further 10 percent stake from Anadarko of US.

ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corp (ONGC), sewed India's second biggest energy acquisition ever when it along with OIL agreed to pay USD 2.475 billion for Videocon's 10 percent stake in the Rovuma-1 field.

PTI