46 companies suffer forex losses of Rs 1,365cr

ICICI Bank1149.80-400.00 Maruti297.70-105.00 SBI2442.31-100.00 Ranbaxy136.80-79.80 Axis Bank361.40-72.00 JSW Steel461.00-65.30 Satyam462.30-46.00 Infosys Tech1249.00-45.00 Reliance Ind3912.00-44.00 Bharti Airtel1940.07-41.00  The losses for FCCB and ECB issuers are on account of provisioning for interest cost and, for a few of them, for keeping the money in foreign accounts.  Among the forex losers, ICICI Bank's treasury income was down 63 per cent as it recorded Rs 400 crore MTM losses on its overseas investments during the fourth quarter.  The bank also holds investments worth $5-5.5 billion in its UK and Canada subsidiaries, where it set aside about $60-70 million as MTM provisions in their Profit & Loss account.  SBI reported a forex loss of Rs 100 crore due to reversal of excess forex income booked till nine months of fiscal 2007-08. The loss was not on account of any forex derivatives.  Finolex Cables reported a forex loss of Rs 3.6 crore on hedge contracts and made provisioning of Rs 9.2 crore on outstanding forex contracts. Infosys Technologies reported hedge revenue worth $760 million in the fourth quarter and posted a forex loss of Rs 45 crore.  Maruti Suzuki made MTM loss provisioning of Rs 50.5 crore on its forex derivatives and a one-time expense of Rs 54.5 crore as compensation to dealer.  Reliance Communications suffered Rs 25.3 crore losses due to exchange rate fluctuations and MTM of derivative instruments.  Bharti Airtel made its forex loss as finance cost and JSW Steel charged it to other expenditures.  Infosys Technologies, Wipro, Satyam Computers and HCL Technologies made losses on account of hedging of forex revenue and Maharashtra Seamless suffered loss on account of exchange rate fluctuations on its overseas deposits.