Top business stories in a capsule

Indian Indices snap 3-day streak over geopolitical tensions 

The Indian benchmark indices Sensex and Nifty lost for the first time in three days on Monday after North Korea’s nuclear bomb test caused ripples across Asia. The 30-share BSE Sensex was down 189 points at 31,702 and the 50-share NSE Nifty fell 61 points to 9,912. Coal India, Sun Pharma and ONGC were the top gainers for the day, while Infosys and automakers suffered a loss. North Korea on Sunday carried out its most powerful nuclear test to date, and proclaimed to have developed an advanced hydrogen bomb.
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Mergers and Acquisitions keep major companies busy

Since its inception in India 93 years ago, Glaxo Smith Kline is looking for acquisitions, media reports said on Monday. Hindalco too is looking for acquisitions in overseas markets with an intial target of rupees $3 billion. Meanwhile, Mahindra finance is planning to raise around 2,000 crore equity capital to raise its base and strengthen its balance sheet. Media reports claim that Infosys founders have offered to sell around 2,038 crores in the company’s 13,000 crore buyback offer.
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Paytm on spending mode this festive season

The Indian online marketplace witnesses a tooth to nail battle every festive season. In order to give a tough fight, the Alibaba- backed Paytm mall is preparing to splurge over 1,000 crores in marketing, promotions and discounts. Reportedly, this amount is three times larger than the amount spent by Amazon, Flipkart and Snapdeal last year (300 crores). Reportedly, the company aims to include more than 5,000 brands in its existing basket of 1,000 and 15,000 brand authorized retailers, selling over 65 million products.
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SC halts tribunal’s order on Jaypee Infratech’s insolvency, 30,000 homebuyers relieved

The Supreme Court on Monday put the National Law tribunal’s order to declare Jaypee Infratech bankrupt, media reports said. It also issued notice to the firm and others on a plea filed by homebuyers who have not yet received possession of their dream flats booked with the company in as many as 27 different projects. The lawyer on behalf of the petitioners argued that the NCLT order has put the homebuyers in a disadvantaged position as the order required them to fill up certain forms which will stop them from moving consumer courts. The apex court will now hear the homebuyers' plea in the case on October 10.
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BRICS brings credit lines and money to India

Five banks of the BRICS Bank Cooperation Mechanism have agreed to establish credit lines in the national currencies and cooperate on credit ratings, media reports said. The National development bank of the five nations has also approved $1.4 billion in sustainable development projects in China, India and Russia during the summit being held in Chinese city of Xiamen. The agreement on credit ratings reportedly enables them to share information about internal credit ratings and rating assessment. For India, the bank has approved $470 million for its multi-village rural drinking water supply scheme.  North Korea will give $76 million for its economic initiatives.
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