The town planning department carried out a survey in Gurugram to identify illegal colonies that have emerged in the past two years. Two such colonies were demolished and show-cause notices have been issued to offenders for developing these colonies without proper approval. A detailed survey in Farrukhnagar is also underway.

Grasim Industries Ltd, part of Aditya Birla Group, reported a 41.5% decline in net profit for Q3 of FY23, but its revenue from operations went up by 11.61%. The growth was driven by key subsidiaries UltraTech Cement and Aditya Birla Capital. Consolidated PAT was up by 48% YoY on a comparable basis. Total expenses were at Rs 28,749.44 crore.

Inflation is a widespread issue, particularly in India, due to excessive government spending. This, along with geopolitical uncertainties, may lead to devaluation of currencies like the USD. As a result, investing in cryptocurrencies like Bitcoin may be beneficial as they are not affected by government policies and can provide good returns. However, crypto assets have their own challenges.

Biocon Biologics Ltd (BBL) has entered a five-year partnership with Sandoz AG to sell cancer biosimilars in Australia starting from 2024. This deal gives Sandoz exclusive rights to distribute Trastuzumab and Bevacizumab, two medications used in cancer treatment, with a combined market value of AUD$80 million. BBL's Chief Commercial Officer sees this as a crucial step for patients.

SoftBank Group Corp., a Tokyo-based tech investor, sold majority of its stake in Indian fintech firm Paytm due to growing uncertainty in the country's regulatory environment and over Paytm Payments Bank Ltd.'s license. They have been offloading shares since November 2020, reducing their stake from 18.5% to 5%. SoftBank has not disclosed what they will do with their remaining stake.

Jefferies has downgraded its rating for Tata Consumer Products to "Hold" from "Buy" after British American Tobacco announced its plans to reduce its stake in the company. The target price has also been lowered, citing potential uncertainties in tobacco taxation and projected soft volume growth. Nevertheless, the brokerage house expects moderate earnings growth and predicts significant margin.

Oil prices rose this week as tensions in West Asia continued to escalate. Israel's rejection of a ceasefire offer from Hamas and US strikes against Iran-backed militia in Iraq and Syria added to the uncertainty. Gold prices also increased, while copper prices were pushed up by higher spot demand. Both oil and gold are expected to trade within their recent ranges due to a balanced market.

Jefferies has downgraded its rating for Tata Consumer Products to "Hold" from "Buy" after BAT announced its plans to reduce its stake in the company. The target price has also been lowered, citing potential uncertainties in tobacco taxation and projected soft volume growth. However, the brokerage house expects moderate earnings growth and predicts significant margin and FMCG revenue increases.

Paytm Payments Bank failed to address RBI's warnings about gaps in risk management, specifically in monitoring transactions involving politically exposed persons. The bank lacked proper systems for PEP due diligence and filing of Suspicious Transaction Reports. While the observations were not targeted at any specific individual, they raised concerns about overall risk management at the bank.

Petronet LNG Ltd, the world's largest LNG import terminal operator, plans to invest Rs 40,000 crore in expanding import capacity and petrochemicals by 2028. This includes a propane dehydrogenation plant and an LNG import facility at Gopalpur port in Odisha. They aim to triple net profit by investing in overseas projects like a floating terminal in Colombo, Sri Lanka.

The Pakistan Stock Exchange's benchmark KSE-100 index went down by 1,700 points on Friday as confusion prevailed over the results of the general elections in Pakistan. A top financial analyst said that the KSE-100 index has plummeted because investors were looking to sell instead of buying due to the uncertain situation created after the elections.

IndianOil-Adani Gas Pvt Ltd, a joint venture between Indian Oil Corp and Adani Total Gas, plans to invest 25 billion rupees over four years to double gas sales and expand its retail outlets from 300 to 600. The company currently sells one million standard cubic metres of gas per day and aims to meet the increasing demand for gas in India.

IndiGo and SpiceJet stocks dropped after a parliamentary panel suggested capping airfare for specific routes and creating a separate entity to regulate ticket prices. The panel found that airlines were not effectively self-regulating and that customers were concerned about rising prices. The panel recommended that DGCA should be empowered to regulate tariffs.

The BSE MidCap and SmallCap indices saw a drop of over 2 percent each as investors took profits after a 6.5 percent rally this year. The RBI and US Fed's decision not to cut rates may have influenced the selling. Market correction was seen in midcap and smallcap segments, with sectors like railways, PSUs, and defence performing well.

Capital Small Finance Bank's initial public offering was subscribed 1.53 times, with non-institutional and retail investors showing strong interest. The bank is aiming to raise Rs 523.07 crore and plans to use the proceeds to augment its capital base. In Q1 FY24, the bank reported a 15.6% growth in total business and a significant increase in profit after tax.