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The industry leaders in India have welcomed the decision by the Reserve Bank of India (RBI) to reduce its key interest rate in order to boost slowing economic growth.

RBI) has reduced its key interest rates for the first time in three years in order to boost the slowing economic growth on Tuesday. Experts said that the interest rate might soon fall in housing, automobile and commercial loans.

India's HDFC bank has reported an increase of 30.35% to Rs 1,453.08 crore in the fourth quarter till March 2012, compared to Rs 1,114.71 crore in the same quarter till previous year.

India's second largest private sector bank by assets announced its results, which were mostly in line with analyst expectations, on Wednesday. The increase was mainly due to higher interest income despite a fall in bank's provision for bad loans and tax contingencies.

India's inflation based on the annual consumer price inflation (CPI) index has increased to 9.47% in March compared to a rise of 6.89% for the period in the wholesale prices in the country.

The rise comes as the prices of protein-based food products, oils and fats, clothing materials and fuel items increased in the markets for consumers. The inflation based on CPI was recorded at 8.83 per cent in February. The data released by the ministry of statistics and programme implementation on Wednesday indicated that there are inflationary pressures in the economy.

HCL Technologies has reported a higher than expected 28 per cent rise in quarterly net profit as international customers increased orders aiming to save costs during the ongoing global crisis.

The India's fourth-largest software services exporter said on Wednesday that its consolidated net profit for the quarter till March 31 increased to Rs 600 crore from Rs 468 crore. The sales of the company increased by an impressive 26 per cent to Rs 5216 crore.

Mumbai, April 18 - HDFC Bank, India's second-largest private lender, Wednesday reported a 30.4 percent increase in its net profit at Rs. 1,453.1 crore for the quarter ended March 31, 2012, led by higher interest rate margins and stable asset quality.

The bank had reported a net profit of Rs. 1,429.6 crore in the corresponding quarter of 2010-11.

The lender's total income increased 32.1 percent at Rs. 8,880 crore in the quarter under review from Rs. 6,724.3 crore in the corresponding quarter of 2010-11.

Mumbai, April 18 - A benchmark index for Indian equities markets was trading 100 points or 0.58 percent higher Wednesday, a day after the Reserve Bank of India (RBI) announced the cut in interest rates.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,447.26 points, was ruling 17,458.36 points around 12.30 p. m., up 0.58 percent or 100.42 points from its previous close at 17,357.94 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange was trading 0.61 percent or 32.50 points higher at 5,322.20 points.