RBI cuts CRR by another 100 bps In a swift response to global credit crisis, the Reserve Bank of India (RBI), on Friday, slashed the mandatory deposit that banks keep with it by another 100 bps, a move that will inject a total of Rs 60,000 crore in the financial market and may reduce interest rates.
Panel formed to look into liquidity issues Finance Minister P Chidambaram, on Friday, announced setting up a high-powered group to look into problem of liquidity shortage facing the economy.
Industrial growth nosedives to 1.3% The global financial turmoil took a toll on India's industrial growth, which nosedived to 1.3 per cent in August from a high of 10.9 in the corresponding period last year, mainly on account of poor performance by the manufacturing sector.
Six core sectors growth plunges to 2.3 pc in Aug Growth in key infrastructure industries plunged to 2.3 per cent in August this fiscal from 9.5 per cent a year ago with several segments, including crude oil and petroleum refinery, showing dismal performance.
INFOTECH / Not to hike bid for Axon
Infy net profit up 30 per cent Amidst global economic meltdown, software major Infosys Technologies, on Friday, reported a net profit of Rs 1,432 crore for second quarter ended September 30 2008, up 30 per cent, compared to Rs 1,100 crore posted for the same quarter previous year. Profits were up 11.6 per cent sequentially.
A man reacts while watching a screen displaying benchmark share index on the facade of the Bombay Stock Exchange building in Mumbai, on Friday. Shares dropped sharply on Friday over growing concerns about a global recession coupled with worrying domestic growth numbers. AP
