The Mint Report for 21 September 2010

The Mint Report for 21 September 2010

ONGC has entered the race to acquire two massive oil deposits in the Arctic. On Tuesday a Russian minister said ONGC a was the only foreign firm that had bid for the two fields. The company bid for the Trebs and Titov fields through its Russian subsidiary Nord Imperial. Five Russian companies also bid for the fields. Both the Arctic deposits are considered strategic by Russia and may not be given to foreign firms like ONGC that are acting alone.

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Satyam’s audited financial results are finally available for scrutiny. The company said its board will review the results for fiscal 2009 and 2010 next Wednesday. Once the review is through, Mahindra Satyam is expected come closer to a merger with Tech Mahindra. As of now Tech Mahindra continues to run Mahindra Satyam as a separate entity even though it bought the company in April 2009. Stocks of Satyam went up 4.10% on the BSE on Tuesday to close at 95.25.

Indian markets have crossed major psychological milestones for the first time more than two and a half years. The Sensex surged 95 points on Tuesday to close at 20,002. And the Nifty gained 29 to finish trade at 6,009.