India Movers: Videocon Sells Mozambique Gas Stake for $2.5 Billion

Mukesh Buch
08 Jan, 2014
New York City

Aban Offshore secured contract worth Rs 380 crore. Maruti said auto production in December declined 7%. Omax Autos plans to consolidate four subsidiaries. Prestige Estates sales soared 25%. Titagarh divested its entire stake in Barrackpore Enterprises.

[R]6:00 PM Mumbai – Aban Offshore secured contract worth Rs 380 crore. Maruti said auto production in December declined 7%. Omax Autos plans to consolidate four subsidiaries. Prestige Estates sales soared 25%. Titagarh divested its entire stake in Barrackpore Enterprises.[/R]

The Sensex Index rose 36.14 to close at 20,729.38. The CNX Nifty gained 12.35 to close at 6,174.60.

Gainers & Losers

Aban Offshore Ltd gained 1.9% to Rs 432.15 after the company secured contract worth Rs 380 crore to deploy jack-up rig offshore Vietnam.

Maruti Suzuki India Ltd fell 0.4% to Rs 1,839.15 and the car-maker said production in December declined 6.8% to 80,698 units.

Omax Autos Limited surged 14% to Rs 45.20 and the company said its board will meet on January 16, to consider the merger of its four subsidiaries.

Prestige Estates Projects Limited jumped 2.9% to Rs 157.50 after sales in the third-quarter soared 24.7% to Rs 940.20 crore.

Technofab Engineering Limited climbed 5.9% to Rs 82 and the company is participating in two new orders for approximately Rs 320 crore.

Titagarh Wagons Ltd soared 6% to Rs 126.65 after the company divested its entire stake in Barrackpore Enterprises Private Limited in December.

Videocon Industries Ltd rose 0.8% to Rs 179.50 after ONGC Videsh Ltd and Oil India Ltd acquired 10% stake in a gas field off Mozambique for $2.48 billion.

Additionally, OVL purchased 10% stake held by Anadarko Petroleum in the same block for $2.64 billion.

Videocon and OVL confirmed the purchase in a statement published on their websites. The 10% stake will be divided in 60/40 ratio between OVL and Oil India.

The Rovuma Area 1 offshore block in Mozambique has the largest recoverable deposit between 35 trillion and 65 trillion cubic feet of natural gas in Africa.

The Area 1 project partners include Anadarko, PTT Exploration and Production of Thailand, ENH (the national oil company of Mozambique) and BRPL – Bharat Petroleum Corp Ltd.

Zydus Wellness Ltd increased 1.4% to Rs 543.90 after the net profit in the second-quarter jumped 6.7% to Rs 25.20 crore and sales declined 4.7% to Rs 27.06 crore.