Videocon Industries surged 4.90% to Rs 228 at 10:56 IST on BSE, after the company said on Friday, 19 September 2008, its overseas unit VB (Brasil) Petroleo has acquired 100% stake in EnCana Brasil Petroleo of Brazil for consideration of $165 million.
The company made this announcement during trading hours today, 19 September 2008.
The stock hit a high of Rs 233.20 and a low of Rs 222 so far during the day. The stock has a 52-week high of Rs 868.65 on 1 January 2008 and a 52-week low of Rs 207 on 18 September 2008.
The company’s current equity is Rs 229.45 crore. Face value per share is Rs 10.
The current price of Rs 228 discounts Q3 June 2008 annualized EPS of Rs 44.49, by a PE multiple of 5.12.
VB (Brasil) Petroleo is a joint venture company incorporated in Brazil equally by Videocon Industries and Bharat PetroResources, which is a wholly owned subsidiary of Bharat Petroleum Corporation.
EnCana Brasil Petroleo assets include ten deep-water offshore petroleum exploration blocks in four concessions in Brazil.
In August 2008, Videocon Industries’ overseas unit Videocon Energy Ventures acquired 10% stake in Mozambique’s Rovuma Offshore Area 1 block from US firm Anadarko Petroleum Corporation.
Videocon Industries’ net profit rose 4.1% to Rs 255.07 crore on 18.5% increase in net sales to Rs 2612.90 crore in Q3 June 2008 over Q3 June 2007.
Videocon Industries' principal activity is to manufacture and market consumer electronics and home appliances. The company also has interest in segments like crude oil and natural gas.
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