Infosys, software services provider, reported fourth quarter sales rise of 32% to $1.14 billion and earnigs surge of 52% to $311 million. Earnings per share in the quarter increased 20% to 55 cents from 46 cents a year ago. Full year revenue surged 35% to $4.17 billion compared to $ 3.1 billion and net earnings were $1,155 million or $2.02 ADS compare to $850 million or $1.50 per ADS.

The Reserve Bank of India left its key rate unchanged at 6% and issued a guideline to fight inflation and control liquidity. The central bank hiked cash reserve ratio by 25 basis points to 7.75%. The RBI also said that the inflation for the current fiscal year should be brought down to 5% and in the longer term to 3%. The central bank also estimated the economic growth rate int he current fiscal year between 8% and 8.5%.

Ford agreed to sell its Jaguar and Land Rover brands to Tata Group of India for $2.3 billion and provide parts and technolgies for many years. Tata will fund most of its purchase using short term debt for now and refinance the deal at a later date with long term debet. Tata Group, a leading Indian industrial conglomerate recently purchased Corus, UK steel maker, is expected to keep current employees and look for ways to improve its operations in India.

In volatile trading two newly prices offerings closed below their offer prices. Apparel maker Bang Overseas priced 3.5 million shares at 207 rupees and closed at 171 rupees. Wind turbine developer Shriram EPC priced 5 million shares at 300 rupees and closed at 293.60 rupees. Rural Electrification IPO was oversubscribed by 2.7 times from its offer size on the second day of book building.