Videocon Industries, witnessed a rise in share price on Tuesday after it announced that Petroleo Brasileiro SA (Petrobras), the operator of the BM-SEAL-11 Concession has declared the drilling results of the third appraisal Well 3-SES-186, located 103 km from the city of Aracaju and about 10 km from the discovery well 'Farfan' , in Concession Area BM-SEAL-11, Block SEAL-M-426 in deepwater Sergipe Alagoas Basin.

The result obtained in this well confirms the extension of the light oil reservoirs previously discovered by the 'Farfan' discovery well in turbidite sandstones of Upper Campanian age (Calumbi Formation), communicated previously in August 2013.

The Well 3-SES-186 is currently under further drilling to the target depth of 6060 meters, at water depth of 2467 meters.

Shares of the company gained Rs 19.45, or 12.29%, to trade at Rs 177.65 at the BSE (10.33 a.m., Tuesday).