According to the central bank, CRR hike will be introduced in two stages. In the first stage, RBI will raise reserve by 25 basis points to 7.75% on April 26 2008 and in the second stage another 25 basis point rise will come into effect from May 10 2008.

According to economists, the increase in CRR will shrink the available funds from banks by about 18,500 crore rupees.

Larsen & Toubro gained 2.5% or 2,845 rupees on news reports that the company plans to develop a commercial complex at Seawoods railway station, Navi Mumbai over 40 acres of land for 3,500 crore rupees.

Bharti Airtel rose 3.3% to 850 rupees and Jaiprakash Associates gained 7.3% to 233.15 rupees.

Mahindra & Mahindra fell 0.9% to 633 rupees and Bharat Heavy Electricals declined 0.2% to 1,782 rupees.

Reliance Update

Reliance Industries edged higher by 0.04% to 2,638 rupees on news reports that the company has formed a joint venture with Marks & Spencer Group, the UK''s largest clothing retailer, to open at least 50 stores in India over the next five years.

Reliance Communications gained 5.7% to 560.55 rupees.

Earnings News

Software exporter Wipro was down 1.2% to 453.50 rupees. The company on Friday reported 3% growth in net earnings to 880 crore rupees on 7.5% in the fourth quarter ended March 2008 over the third quarter ended December 2007.

The company forecasted revenue from combined IT services to be $1,060 million in the current quarter

Satyam Computer Services shares fell 2.5% at 457.10 rupees. The company reported 17.84% increase in net earnings to 468.45 crore rupees on growth in total income of 31.45% to 2337.84 crore rupees during the third quarter in 2008 over the fourth quarter ended March 2007

New Issues

Titagarh Wagons settled at 707.20 rupees, a premium of 30.96% over its issue price of 540 rupees. It listed at 550 rupees on BSE, a 1.9% premium over its issue price.