Credit rating agency ICRA, has chalked out a business plan, whereby it plans to expand its rating business organically outside India, will eying acquisition opportunities in non-rating business.

Shares of rating agencies, ICRA and Crisil are trading higher by over 4% each on back of heavy volumes ahead of the initial public offer (IPO) of Credit Analysis and Research Ltd (CARE), which opens on Friday.

India credit rating agency, ICRA, has obtained licence for starting credit first rating agency in Nepal.

In spite of current slowdown in the Indian economy, P K Choudhury, vice-chairman of ICRA and CEO of the ICRA Group, is optimistic about the India growth story.

The company had posted a net profit of Rs 3.99 crore in the corresponding quarter last fiscal.

Domestic credit rating agency Icra is planning to drive its growth in the next one-two years through inorganic route, a top company official has said.

ICRA shed more than 5% to Rs 1,070 after reporting 66% year-on-year (y-o-y) drop in consolidated net profit at Rs 3.59 crore for the first quarter ended June 2011, as compared to Rs 10.62 crore in the corresponding quarter of previous fiscal.

The Bombay Stock Exchange (BSE) has joined hands with Icra Online to provide independent research on the small- and mid-cap companies listed on its platform.

Icra has advanced 2% to Rs 985 in an otherwise weak markets on the back of steady Q4 earnings. The stock touched a high of Rs 993 in early morning deals.

The board has recommended dividend of 17 per cent for 2009-10, Icra said in a statement. Its consolidated total income for reporting quarter rose by 14 per cent to Rs 53.69 crore from Rs 46.91 crore a year ago.

Leading credit rating agency Icra today said its consolidated net profit grew 23.53 per cent to Rs 15.85 crore in the March quarter over Rs 12.83 crore in the corresponding period a year ago.

ICRA Online (ICRON), a subsidiary of rating firm ICRA, and Belgium-based Society for Worldwide Interbank Financial Telecommunication (SWIFT), on Wednesday entered into an agreement for setting up a payment gateway for transactions in mutual funds.

ICRA has also assigned the rating of A1 to the enhanced short term fund based limits of Rs 785 crore and Rs 1,050 crore short term loans of TMFL, stated a release from ICRA.