ONGC shares gain nearly 4% on BSE

MUMBAI: Shares of Oil and Natural Gas Corp today closed up by nearly 4 per cent as the company along with Oil India Ltd announced buying of Videocon Industries' 10 per cent stake in a giant Mozambique gas field for USD 2.5 billion.

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

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

In the third acquisition in ten months, ONGC along with Oil India Ltd will buy Videocon Industries' 10 per cent stake in a giant Mozambique gas field for USD 2.5 billion and may pay a similar amount to buy a further 10 per cent 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 per cent stake in the Rovuma-1 field.