STOCK NEWS

FOR FREE STOCK TIPS ON MOBILE CLICK HERE

• BEML gets ready for equipment biz foray

Bharat Earth Movers (BEML) is planning to foray into mining, oil drilling and power equipment businesses and hence is in the process of incorporating a subsidiary MAMC Industries in association with the Coal India (CIL) and Damodar Valley Corporation (DVC).

BEML would have a 48% stake and a 50% voting rights in the new joint venture with CIL and DVC holding the remaining interests. BEML will leverage the assets, technology and expertise of the recently acquired company, Mining and Allied Machines Corporation (MAMC), in the new business. MAMC was recently acquired by BEML-led consortium for Rs 100 crore. Other members of the consortium are CIL and DVC.

According to analysts, entry into a new business would help BEML to compensate for the recent setback it suffered in the metro car business from new entrants like Alstom. BEML had reportedly lost the order from the Chennai Metro Rail project to this new entrants.

• Infosys Q2 consolidated net profit up by 13% at Rs 1,737 crore--IT bellwether Infosys Technologies on Friday reported 13.15 per cent growth in consolidated net profit at Rs 1,737 crore for the second quarter ended September 30.
• Gush of dollars set to hit India as emerging mkts close gates-- India is staring at the possibility of overseas fund flow trickles turning into a flood, as more emerging markets shut their doors on cheap money from developed nations that are throwing money to get their economies back on feet.