The Mint Report for 23 August 2010

The Mint Report for 23 August 2010

Cairn India says it has discovered both oil and gas on a land-based block in KG basin. The company is now evaluating if it’s commercially viable. Cairn says it has already informed the directorate of hydrocarbons about the discovery. The block in question is operated by Cairn, but government-run ONGC owns 51% of it. Monday’s announcement of course, comes on the heels of Vedanta’s move to acquire a controlling stake in Cairn India. Stocks of the company ended marginally in the red on the BSE at Rs343.35.

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Tata Global Beverages announced it plans to sell more than tea as it expands its global business. Group chairman Rata Tata said the company would start selling other beverages -- and may even get into the business of food. The company also plans to make revenues of $5 billion dollars a year by 2015. Revenues are currently about $1.5 billion. It expects its Ebitda to gain 15% a year over the same five-year period.

Stocks of Tata Global Beverages shot up 4.99% on the BSE to Rs116.85.

Markets ended flat on Monday with the two main indices ending the day with little change. The Sensex nudged up 8 points to close at 18,409. And the Nifty climbed 13 points to finish at 5,54