Briefly Business

Cairn India,which is on the verge of being acquired by mining firm Vedanta Resources,has made an oil and gas discovery in an onland KG basin block....

Cairn discovers oil reserves in KG basin

New Delhi: Cairn India,which is on the verge of being acquired by mining firm Vedanta Resources,has made an oil and gas discovery in an onland KG basin block. Cairn made the discovery in the second well drilled in the block KG-ONN-2003/1 in Krishna Godavari basin. The company had informed the oil regulator DGH about the discovery but has not put any number to the potential reserves the find may hold, a source said.

Indian Bank targets Rs 2 lakh cr business

Chennai: Indian Bank on Sunday said it has set a business target of Rs 2 lakh crore for the next 12 months. The Bank is looking forward to cross the Rs two lakh crore business mark with Rs 2,000 crore net profit in the next 12 months, Indian Bank said in a statement here. As of today the bank posted a business of over Rs 1.61 lakh crore with a net profit of Rs 1,555 crore for 2009-10.

Bling Telecom bullish on India mobile mkt

Mumbai: With the country all set to achieve a billion-plus mobile users by 2015,handset maker Bling Telecom says there is enough room for local players in the about Rs 29,000 crore market. The domestic handset manufacturers like Spice Mobile,Micromax,Bling Telecom,Maxx,Fly,and Videocon among others have flooded the market with latest and hi-tech smartphones at a price much cheaper than what Nokia,Samsung or LG offer for their basic models,said Chief Executive of Bling Telecom Rajiv Khanna.

Applications invited for SIDBI chiefs post

New Delhi: The government has invited applications for the post of Chairman and Managing Director CMD of Small Industries Development Bank of India SIDBI,after its head R M Malla was appointed as Chief IDBI Bank. The appointment will be on contractual basis initially for a period not exceeding five years, an advertisement of the Finance Ministry said. The post got vacant after Malla moved to IDBI Bank as Chairman and Managing Director last month.

Enfield to double capacity by 2012

Mumbai: The Chennai-based Royal Enfield,the makers of the iconic Bullet,has announced that it will double its capacity to 1 lakh units per annum by the turn of 2012 to meet its growing demand. The company will invest nearly Rs 80 crore to ramp up its capacity in a phased manner,Royal Enfield Marketing and Sales Head Shaji Koshy said.

IDBI Bank pays govt Rs 114.5 cr dividend

New Delhi: State-owned IDBI Bank paid Rs 114.5 crore dividend to the government for 2009-10. IDBI Bank paid a dividend of Rs 3 per share 30 per cent dividend on the face value of Rs 10 for the financial year ended March 2010 on the share capital of the bank held by the government,the bank said in a statement. The dividend cheque was handed over on Saturday.