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.

NEW DELHI: Telecom regulator Trai on issued new draft norms to curb pesky calls and SMSes by using blockchain technology to ensure that telemarketing messages are sent only to those who have subscribed to them, and that too by authorized entities.

"Blockchain will ensure two things -- non- repudiative and confidentiality. Only those authorised to access details will be able to access subscriber details and only when they need to deliver service.

New Delhi: State-owned Oil and Natural Gas Corp. Ltd (ONGC) has replaced a government nominee director on board of Hindustan Petroleum Corp Ltd (HPCL) with its nominee as it consolidates control over the company it recently acquired.

ONGC, which had in January completed the acquisition of the government’s 51.11% stake in HPCL for Rs36,915 crore, has appointed its director (finance) Subhash Kumar on the company board, people familiar with the matter said.

New Delhi: State-owned power equipment maker Bharat Heavy Electricals Ltd’s (BHEL) net profit more than doubled to Rs457.12 crore for the March 2018 quarter on higher revenues, compared to a profit of Rs215.55 crore a year ago.

The company’s total income edged down to Rs10,341.58 crore in the fourth quarter from Rs10,476.28 crore last year, BHEL said. The turnover (sales) for the quarter was Rs9,833 crore as against Rs9,479 crore in the last year.

Mahindra & Mahindra today posted 50 percent jump in net profit to Rs 1,155 crore for the March quarter, driven by robust sales across segments including utility vehicles and tractors. M&M had reported a net profit of Rs 770 crore during the January-March quarter of the previous fiscal.

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