Normal life came to a grinding halt in Cuddalore and Villupuram districts since early morning on Wednesday as shops, business establishments and educational institutions remained shut and vehicles kept off the roads following the death of DMKD president and former Tamil Nadu Chief Minister and DMK patriarch M. Karunanidhi.

A court today issued summons to ICICI bank’s Managing Director Chanda Kochhar and others in connection with case involving a joint account, after the manager of the branch concerned did not appear before it. Chief Judicial Magistrate Anand Prakash Singh fixed August 16 for their appearance.

Punjab National Bank (PNB) on Tuesday reported a net loss of Rs 940 crore in the April-June period, its second straight quarterly loss, as it struggles to rebound from a Rs 14,357-crore fraud it had announced in February, involving jewellers Nirav Modi and Mehul Choksi.

Mahindra & Mahindra (M&M) on Tuesday reported a 67% year-on-year rise in consolidated net profits at Rs 1,257 crore for the three months to June, driven by a smart increase in revenues. It may be recalled that Q1FY18 was the pre-GST quarter during which companies stayed light on inventories. The company’s revenue rose 23% year-on-year to Rs 13,358 crore, driven by increase in volumes of 5.6% year-on-year in SUVs and a smart 19% year-on-year jump in the volumes of tractors.

TVS Motor Company has reported a 13.2% growth in its net profit for the quarter ended June 30, 2018 to Rs 146.6 crore as against Rs 129.5 crore in the same quarter last fiscal. However, it missed market expectations as analysts were expecting the profit of around Rs 170 crore. In spite of a strong 14% growth in total two-wheeler sales (including exports) to 8.93 lakh units in the quarter under review as compared to 7.85 lakh units sold in the quarter ended June 2017,

Looking forward to growing demand and upcoming festive season, leading carmaker Tata Motors aims to cross 5 lakh units production mark by October this year at the Sanand plant in Gujarat. The company has achieved 100% utilisation of the plant and running three shift to meet the demand. “The plant has so far rolled out over 4,50,000 units since inception and is among fastest expanding plants of Tata Motors.

Worried over an inordinate delay in the resolution of Essar Steel’s debt, Indian lenders are taking legal opinion on how to settle the Rs 60-billion debt of Uttam Galva Steels (UGSL). Insolvency proceedings of UGSL is pending before the National Company Law Tribunal (NCLT) in Mumbai since December last.

A day after Hindustan Unilever (HUL) announced it was acquiring ‘Adityaa Milk’ ice cream and frozen desserts business, rival Gujarat Co-operative Milk Marketing Federation (GCMMF), the maker of the Amul brand of ice creams, said it would drive more premium products in the south.

The widely heralded Jio moment of the mutual fund industry is right around the corner. Paytm is set to go live with its mutual fund distribution platform, Paytm Money, anytime this month. However, mutual fund distributors, which at the last count accounted for Rs 1.8 trillion of industry assets, are confident that there is no need for them to reshuffle their business model and reiterated the importance of timely advice for investors.

Tech titan Apple has informed telecom regulator Trai that the new version of its operating system includes a feature that would allow users to report unwanted messages and calls as spam, sources said.

The issue of reporting unsolicited telemarketing calls and messages has been a major bone of contention between the Telecom Regulatory Authority of India (Trai) and the US-based company.

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