Shares of Videocon Industries surged by over 3 per cent in morning trade on

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the bourses today after the company announced an oil and gas discovery in Brazil.

Videocon Energy, a unit of Videocon Industries, yesterday said its partner, Petrobras of Brazil, has discovered oil and gas in their joint venture block off the Latin American nation's coast.

Reacting to the news, shares of the company surged by over 3.13 per cent to an early high of Rs 182.70 on the Bombay Stock Exchange and the National Stock Exchange.

However, the stock later saw some of the initial gains pared and was trading at Rs 179.50 on the BSE, up 1.33 per cent, and at Rs 179.20 on the NSE, up 1.16 per cent, at 1007 hours.

Petroleo Brasileiro SA, the operator of of block BM-SEAL-11, found oil and natural gas in the Sergipe-Alagoas Basin of Brazil.

Petrobras is the operator of the block with 60 per cent participating interest. IBV Brasil -- a 50:50 joint venture company between Videocon Energy Brazil Ltd and Bharat Petroleum Corp subsidiary Bharat PetroResources Ltd -- holds the remaining 40 per cent stake.