Small Industries Development Bank of India (SIDBI) is looking to expand its working capital portfolio and has partnered Yes Bank to cater working capital needs of its Micro, Small and Medium Enterprise (SME) clients.

Under the pact, Yes Bank would provide various banking services, including working capital, to SIDBI customers at its pan-India branches, which currently number around 1100.

The country's second largest IT services firm Infosys on Wednesday said it has completed the acquisition of US-based WONGDOODY.

In April, Infosys had said it will acquire WongDoody Holding Company, a US-based digital creative and consumer insights agency, for a total consideration of up to $75 million.

Private sector lender ICICI Bank on Wednesday said it instituted an independent enquiry into the allegations levelled by anonymous whistle-blower against MD and CEO Chanda Kochhar.

Without detailing the allegations, the bank in a regulatory filing said the enquiry will be headed by an independent and credible person.

The CBI on Wednesday carried out searches at the residence of Delhi minister Satyendar Jain after registering a fresh case against him in connection with alleged violation of norms in hiring architects for the Public Works Department (PWD), officials said here.

Five more locations, including residences of PWD officials and other private persons, are also being searched, they said.

An excess of procedural glitches and faulty filing of claims have meant that exactly eleven months after the Goods and Services Tax (GST) regime was rolled out, exporters across the country are yet to receive an estimated Rs 200 billion worth of tax refunds that have been filed but are stuck with the government.

On Monday, apex exporters body, the Federation of Indian Exports Organizations (FIEO) pointed out that refunds had flown smoothly till March 31, after which the pace has considerably slackened.

Maruti Suzuki is not just the country's biggest car maker with a fifty per cent market share. It also makes a significantly higher profit on each car than the industry peers including its nearest rival and Korean car maker Hyundai.

Car makers do not share the profit earned per car though they declare the total profit earned in a year.

Shares of Glenmark Pharmaceuticals hit a fresh 52-week low of Rs 484 per share, slipping 9% on the BSE in early morning trade, after the company reported a decline of 17% in its consolidated net profit at Rs 1.52 billion for the quarter ended March 2018 (Q4FY18), on account of de-growth in US business. The drug company had profit of Rs 1.84 billion in the same quarter last fiscal.

On the National Stock Exchange (NSE), the stock was down 5% to Rs 506 in intra-day trade.

Former Finance Minister, P. Chidambaram on Wednesday got an interim relief in Aircel-Maxis case. A special CBI court in New Delhi today said that no action could be taken against the senior congress leader till the next hearing of the case.

The case would now be next heard on June 5. P. Chidambaram would also be appearing before the the Enforcement Directorate (ED) in the case on the same day. Congress leader Kapil Sibal argued on behalf of P. Chidambaram.

In a much needed relief for people across the country, petrol prices were slashed by 59 paise in Mumbai and 60 paise in Delhi today, according to ANI report. Meanwhile, Diesel prices went down by 59 paise in Mumbai and 56 paise in the national capital. On Wednesday, Petrol prices stand at Rs 77.83 per litre in Delhi and Rs 85.65 per litre in Mumbai. The price of Diesel is now down to Rs 68.75 per litre in Delhi and Rs 73.20 per litre in Mumbai. The rates of petrol and diesel went down after 16 consecutive hikes in rates triggering political slugfest.

Shares of Mahindra & Mahindra (M&M) hit a new high of Rs 895 per share, up 3%, extending their 2.2% gain on Tuesday on the BSE in an otherwise weak market, after the company reported a strong 50% year on year growth in consolidated net profit at Rs 11.55 billion in March 2018 quarter (Q4FY18). It had profit of Rs 7.7 billion in the same quarter last fiscal.

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