RCom gets Rs1,780 crore as second tranche from CDB

Reliance Communications has drawn down second tranche of Rs1,780 crore toward refinancing of 3G spectrum fees out of the Rs8,700 crore facility signed with China Development Bank on 9 March 2011

Anil Ambani group firm Reliance Communications today said it has drawn a second tranche of Rs1,780 crore ($400 million) from the Rs8,700-crore ($1.93 billion) loan facility it secured from China Development Bank.

"Reliance Communications has drawn down second tranche of Rs1,780 crore ($400 million) toward refinancing of 3G spectrum fees out of the Rs8,700 crore ($1.93 billion) facility signed with China Development Bank (CDB) on 9 March 2011," RCom said in a filing to the Bombay Stock Exchange.

The facility includes Rs6,000 crore ($1.33 billion) for refinancing 3G spectrum fee payments by RCom and Rs2,700 crore ($600 million) for equipment imports from Chinese vendors.

"The drawn down amount will be used to refinance RCom's short-term rupee borrowings, resulting in substantial savings in its interest cost, apart from extending RCom's debt maturity profile," it said.

The loan facility, which is fully underwritten by CDB, is being funded by a syndicate of Chinese banks or financial institutions, including CDB.
This represents the first and largest ever syndicated loan for refinancing spectrum fees by any telecom company, it added.

The first tranche of Rs3,000 crore ($665 million) was drawn down on 17 March 2011. With this drawal, RCom has already drawn Rs4,780 crore ($1.06 billion) toward refinancing of 3G spectrum fees and the last tranche is expected to be drawn very shortly.

On Thursday, RCom ended 0.27% down at Rs91.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.34% to 18,335.79.
 

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Lupin consolidated net profit rises 2.98% in FY’11

Lupin posted net sales of Rs1,511.54 crore for the fourth quarter ended March 2011, compared to Rs1,286.09 crore for the corresponding period of the previous fiscal

Pharma company Lupin said its consolidated net profit rose by 2.98% to Rs227.20 crore for the quarter ended 31 March 2011.

The company had posted a consolidated net profit of Rs220.62 crore for the same period last fiscal, the company said in a filing to the Bombay Stock Exchange (BSE).

The company posted net sales of Rs1,511.54 crore for the fourth quarter ended March 2011, compared to Rs1,286.09 crore for the corresponding period of the previous fiscal.

Consolidated net profit of the company for the financial year ended 31 March 2011, stood at Rs862.55 crore compared to Rs681.63 crore in the previous fiscal.

Net sales of the company for the year ended 31 March 2011 stood at Rs5,706.82 crore against Rs4,773.63 crore in the financial year ended 31 March 2010.
On Thursday, Lupin ended 0.75% up at Rs423.60 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.34% to 18,335.79.

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Exports grow 34.4% in April 2011

The country’s total merchandise exports aggregated $246 billion growing by an impressive 37.55% in the previous fiscal. Imports in the fiscal 2010-11 were $350 billion, down by 21.6% and the trade deficit was $104 billion

New Delhi: India’s exports grew by an annualised 34.4% to $23.9 billion in April, maintaining a tempo of the last financial year despite a decline as compared to 44% growth in March, reports PTI.

Imports, for the opening month of the fiscal 2011-12, were up 14.1% to $32.8 billion leaving a trade gap of $8.9 billion.

Releasing the trade data here today, commerce secretary Rahul Khullar said though the growth in April was lower than March, it was not a big concern.

“March is always a peak month, I am not worried,” he said.

The country’s total merchandise exports aggregated $246 billion growing by an impressive 37.55% in the previous fiscal. Imports in the fiscal 2010-11 were $350 billion, down by 21.6% and the trade deficit was $104 billion.

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