ICICI Bank raises $1 billion from overseas market

The proceeds from the issue will be used to fund ICICI Bank’s international operations and for general corporate purposes

ICICI Bank said it has raised $1 billion (about Rs4,500 crore) through bonds from overseas market.

The 5.5 year fixed rate note carry a coupon of 4.75%, ICICI Bank said in a statement.

These notes were issued through the Bank's Dubai branch, it said.

The proceeds from the issue will be used to fund the Bank's international operations and for general corporate purposes.

The offering had an order book of $2.70 billion with strong interest from over 220 investors, it said.

The bonds were issued under existing $5 billion medium-term notes programme.

On Friday, ICICI ended 1.33% up at Rs1,044.25 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.02% to 18,326.09.

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IRB Infra standalone net rises to Rs71.66 crore for March quarter

For the financial year ended 31 March 2011, IRB Infra standalone net profit rose by 61% to Rs90.16 crore from Rs55.84 crore in FY09-10

IRB Infrastructure Developers standalone net profit for the fourth-quarter ended 31 March 2011 increased by 53% to Rs71.66 crore from the Rs46.76 crore in the corresponding quarter last year. The company's total revenues increased by four-fold to Rs220.73 crore from Rs53.42 crore in the year-ago quarter.

For the financial year ended 31 March 2011, IRB Infra standalone net profit rose by 61% to Rs90.16 crore from Rs55.84 crore in FY09-10. The company's total revenues increased by four-fold to Rs352.99 crore from Rs76.69 crore last year.

On a consolidated basis, the company reported net profit of Rs102.76 crore in March 2011 quarter against Rs141.74 crore in the corresponding quarter last year. Total revenues increased by 54% to Rs789.86 crore from Rs513.11 crore in Q4 FY10.

For FY10-11, its net profit aggregated to Rs452.38 crore compared to Rs385.41 crore, an increase of 17%. Total revenues grew by 43% to Rs2,502.60 crore from Rs1,753.81 crore a year-ago. The company recommended a dividend of 15% or Re1.50 per equity share of Rs10 each for the fiscal year 2011.

On Friday, IRB Infra ended 1.98% down at Rs156.30 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.02% to 18,326.09.

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MRPL Q4 net jumps 119% to Rs553 crore

Net profit was up 119% to Rs553 crore in the January-March quarter as opposed to Rs253 crore in the same period an year ago

Mangalore Refinery and Petrochemical Ltd (MRPL) reported more than doubling of its net profit in the fourth quarter ending 31 March 2011 on higher refining margins.

"Net profit was up 119% to Rs553 crore in the January-March quarter as opposed to Rs253 crore in the same period an year ago," MRPL chairman AK Hazarika said.

MRPL, a subsidiary of state-owned Oil and Natural Gas Corp (ONGC), earned $9.09 on turning every barrel of crude oil into petroleum product in Q4 as against a gross refinery margin (GRM) of $5.30 per barrel, he said.

Turnover was up 40% to Rs13,599 crore, while exports rose 55% to Rs5,240 crore.

Refinery processed 3.37 million tons to crude in the quarter as compared to 3.06 million tonnes an year ago.

Hazarika, who is also the chairman and managing director of ONGC, said net profit in 2010-11 fiscal increased to Rs1,176.63 crore from Rs1,112.38 crore an year ago.

On Friday, MRPL ended 4.59% up at Rs74 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.02% to 18,326.09.

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