Oil India jumps over 4% on buzz of overseas acquisition

Posted By: Religare
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shares of country's oldest and biggest pioneer oil exploration and production company Oil India jumped over 4 per cent in early trade on Bombay Stock Exchange (BSE) on media reports that the state-owned firm is close to acquiring another gas asset in Africa after buying stake in Mozambique gas field.

"Oil India will be announcing another acquisition of a significant oil and gas asset for about $200 million (Rs 1,200 crore) in Africa by July end. The company is in the final stages of negotiations currently," certain media report quoted.

Riding high on news, shares of company gained as much 4.64 per cent to trade at Rs 586.00 a piece on the BSE.

In a similar fashion, shares of the company were trading at 575.00 a piece, up 2.42 per cent on the National Stock Exchange (NSE).

Meanwhile, the broader benchmark Sensex was quoting at 18,737.80, up 184.96 points or 1.00 per cent at 9:40 hours.

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