Morning Bell 10-02-11

Morning Bell

SAIL gets clearance for mining Chiria reserves

Environment Minister Jairam Ramesh has given conditional clearance to SAIL’s proposal for diversion of 595 hectares in the Saranda forests in Jharkhand for mining the Chiria reserves. 13 specific conditions have been imposed, over and above the standard conditions that govern forest clearances. In giving this clearance, Ramesh overruled the recommendations of the Forest Advisory Committee.  (Source: Economic times)

Wipro bets on growth in BFSI, healthcare

Having fallen behind its peers in revenue growth, Wipro Technologies now says its "chasing hyper growth" through select verticals. Spaces like banking, financial services and insurance (BFSI), healthcare, retail, manufacturing and utilities have been identified as high-growth verticals for the company. (Source: Economic times)

Tractors India draws Rs 200-cr expansion plan

Tractors India is on an Rs 200-crore expansion drive and will also introduce 4 new products this year. They have already invested Rs 150 crore in the first phase of the upcoming plant at Kharagpur near Kolkata. Another Rs 50 crore is being pumped into mother plant in Kolkata to up capacity. (Source: Business Standard)

CIL may buy 15% in Peabody's Australia assets

Coal India may buy up to a 15% stake in US-based Peabody Energy Corp's Australian assets early next fiscal for an estimated $100 million (about Rs 450 crore),according to sources. Peabody Energy is the world's largest private sector coal company, with sales of 246 million tonnes in 2010. The company claims to have 9 billion tonnes of reserves and manages and owns interest in 28 mining operations in the US and Australia.          (Source: Business Standard)

BPCL Q3 net declines 50.57% at Rs 187 cr

Bharat Petroleum Corporation Ltd reported a sharp 50.57 % dip in its net profit at Rs 187.38 crore for the third quarter ended December 31, 2010.The Company had posted a net profit of Rs 379.09 crore in the October-December quarter last fiscal. The income from operations of the company rose to Rs 39,572.57 crore in the December quarter from Rs 34,624.88 crore in the year-ago period. (Source: Business Standard)