Business Highlights of The Week in India

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Here's a quick look at the business developments of the week in India.

* RBI Cuts Interest Rates

The Reserve Bank of India unexpectedly cut interest rates. The Union Budget saw some hints that there would be fiscal consolidation, which may have prompted the RBI to act.

Business Highlights of The Week in India
The repo rates was reduced by 25 basis points.

* Sun Pharma's Dilip Shanghvi Is Now the Richest Indian

Dilip Shanghvi has now overtaken Mukesh Ambani as the country's richest Indian. The sharp surge in the Share price of Shanghvi controlled Sun Pharma has propelled him to become the richest Indian.

* India Services Sector Rises

India's Services sector grew to an eight-month high in February, according to the HSBC PMI.

The HSBC India Services Business Activity Index, which tracks changes in activity at Indian services companies on a monthly basis, rose to an eight-month high of 53.9 in February, as against 52.4 in the previous month, indicating a robust expansion across the sector.

* Sensex Rises Marginally

The Sensex rose marginally by 87 points compared to last Friday's figure as investors viewed the Budget positively though they sold sharply after the RBI hiked repo rates.

* US Markets Fall Sharply on Friday

US markets fell sharply on Friday as data showed a better than expcted non farm payrolls data. February's nonfarm jobs report showed a gain of 295,000, above expectations of 240,000 in February, down from 257,000 in January.

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