Shares of Oil India (OIL) rose nearly 3 per cent today after the company-led consortium completed the deal for acquisition of stakes in two Russian oilfields for $3.14 billion.
The company’s scrip gained 2.47 per cent to Rs 421 on the BSE.
On the NSE, shares of the firm went up 2.58 per cent to Rs 421.20.
OIL, Indian Oil Corp and a unit of Bharat Petroleum Corporation (BPCL) have bought 29.9 per cent stake in Taas-Yuryakh oilfield in East Siberia for $1.12 billion and another 23.9 per cent in Vankor oilfield for $2.02 billion.
“The transactions received approvals from relevant government authorities of India and Russia in late September and completed simultaneously on October 5, 2016 in Moscow, Russia,” an OIL statement had said yesterday.
The consortium had in March 2016 signed an agreement to buy 29.9 per cent stake in Taas-Yuryakh Neftegazodobycha LLC, which holds and operates two licences for the Srednebotuobinskoye oil and gas condensate field, one of the largest in East Siberia.
The stake was acquired from LLC RN-Razvedka I Dobycha (RN Upstream), a wholly-owned subsidiary of Rosneft, Russian state firm.
BPCL
Shares of Bharat Petroleum Corp Ltd rose as much as 5.2 per cent to a record high of Rs 683.60.
The stock has cleared the resistance at Rs 652; the 161.8 per cent Fibonacci projection level of the price rise from February 23 low of Rs 365.58 to April 27 high of Rs 497.38 and retracement to May 25 low of Rs 440.58.
Trend intensity indicator (TI) has gone up to 20 from Wednesday’s level of 17, indicating an uptrend.
The price volume trend indicator (PVT) is also at record high, indicating that the price rise is supported by volume.
MACD is positive and above its signal line, which is positive for the stock.
The stock is up more than 45 per cent this year as of Wednesday’s close, compared with a 10 per cent gain for the NSE index.