A key Indian equities index ended Friday with a loss of over 800 points, or 7 percent, after interventions in tandem by the government, the central bank and the markets watchdog to cushion the impact of global financial crisis.

Grappling with severe liquidity crunch, India's economic woes escalated Friday with industrial growth slipping to 1.3 percent and inflation moderating only slightly to 11.8 percent, even as experts cautioned against complacency while key policymakers maintained that the country's fundamentals remained strong.

Indian equities markets Friday were witnessing an unprecedented bloodbath following panic selling on extreme nervousness despite announcement of a measure by the country's central bank to inject as much as Rs.600 billion liquidity into the system.

Undeterred by the global meltdown and currency volatility, India's second largest IT bellwether Infosys Technologies Friday reported net profit of Rs.14.32 billion for the second quarter (July-September) of this fiscal, up by 30 percent year-on-year and 10 percent sequentially under the Indian accounting system.

Infosys Technologies Friday ruled out increasing its original offer price of 600 pence per share to buy the Britain-based Axon Group plc.

Infosys Technologies Ltd Friday announced an interim dividend of Rs.10 per share or 200 percent on par value of Rs.5 per share for the first half (April-September) of this fiscal (2008-09).

India's central bank, the Reserve Bank of India (RBI) announced Friday that the cash reserve ratio (CRR) will be reduced by 150 basis points (bps) to 7.50 percent of net demand and time liabilities (NDTL) instead of 50 bps announced Oct 6, 2008, to inject Rs.600 billion liquidity into the system.

Finance Minister P. Chidambaram Friday reiterated that the fundamentals of the Indian economy were strong, and set up a high-level group to look into the liquidity requirements following the mayhem in the capital market.

India's industrial growth slumped to 1.3 percent in August this year, compared to a 10.9 percent growth in August 2007, the government announced here Friday.

A depreciation of around nine percent of the Indian rupee during the second quarter (July-September) has forced Infosys Technologies Ltd to revise its revenue guidance for this fiscal (2008-09) upwards under the Indian accounting system and downwards under the new international financial reporting stadndards (IFRS).

Infosys Technologies Ltd has posted net profits of Rs.14.32 billion for the second quarter (July-September) of this fiscal (2008-09), registering 30.2 percent year-on-year (YoY) growth and 10 percent sequentially under the Indian accounting system.

Citing the examples of India, China and Brazil, World Bank Group President Robert B. Zoellick has stressed the need for inclusive and sustainable globalisation to move people out of poverty and for growth.

Indian equities markets crashed Friday morning, with the benchmark index of the Bombay Stock Exchange, the Sensex, going down over eight percent shortly after the opening bell.

Seemingly dissatisfied with the interventions across the globe by governments and central banks to cushion the financial crisis, Indian equities crashed Friday, pulling a key index down to its lowest levels in more than two years.

Leading commercial vehicle manufacturer Ashok Leyland saw sales slump 1,055 units to 6,186 units last month, compared to 7,241 units sold in September 2007.