Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Videocon shares surge on Mozambique block sale plan

Feb 21 2013, 11:54 IST
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Shares in Videocon Industries Ltd gain 8.6 per cent. (Reuters) Shares in Videocon Industries Ltd gain 8.6 per cent. (Reuters)
SummaryVideocon's board had approved splitting and selling its oil and gas assets in August 2012.

Shares in Videocon Industries Ltd gain 8.6 per cent after the consumer electronics and oil company says it is in talks to sell its 10 percent stake in an oil and gas block off the coast of Mozambique and Tanzania.

Videocon Chairman Venugopal Dhoot said the company was in talks with multiple potential buyers, including Oil and Natural Gas Corp Ltd, for its Rovuma gas field, confirming earlier media reports.

Dhoot says Videocon has appointed Standard Chartered Plc as an adviser for the sale.

Videocon's board had approved splitting and selling its oil and gas assets in August 2012.

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