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Vedanta up 2% on exploration licence win

NEW DELHI: Stock of Vedanta rose over 2 per cent on Wednesday after the company won exploration licences for 41 of the 55 oil and gas blocks auctioned in the first round of the open acreage licensing policy.

State-owned Oil and Natural Gas Corporation bagged barely two.

The stock climbed 2.36 per cent to hit a high of Rs 235.85 on the BSE early this morning.

Oil India, another state-owned oil producer that is much smaller than ONGC in revenue, managed to win nine blocks. GAIL, Bharat Petroresources and Hindustan Oil Exploration (HOEC) won one block each.

The Directorate General of Hydrocarbons (DGH) announced the results on Tuesday.

Vedanta had bid for all the 55 blocks on offer and won three-fourths of them, a spectacular success ratio.

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