Morning Buzz: Torrent runs ahead in race for Cipla, Q1 GDP growth at 7.8 percent, and more

Here are the top business headlines this morning, to get your day started

  • Published:
  • 01/09/2023 10:07 AM

Torrent Pharma has intensified efforts to buy out the promoter family of Cipla. Image: Danish Siddiqui/ REUTERS

Torrent runs ahead in race for Cipla

Torrent Pharma has intensified efforts to buy out the promoter family of Cipla. This deal could include a likely $1 billion infusion by private equity players who have been approached for a minority stake in the consortium. In addition, it has reached out to non-banking finance companies and mutual funds for $1.1 billion of share-backed financing. Other acquisitions by Torrent include Curatio Healthcare, Unichem Laboratories and the domestic formulations business of Elder Pharmaceuticals.

(Economic Times)

Q1 GDP growth at 7.8 percent

India’s economy expanded by 7.8 percent, higher than the 6.1 percent growth recorded in the previous quarter. The data showed an increase in consumption expenditure, but with a poor monsoon and rising inflation it remains to be seen whether the uptick stays. The 7.8 percent growth rate also makes India the fastest growing large global economy.

(Economic Times, Business Standard, Mint, Financial Express, BusinessLine)

UPI transactions crossed 10 billion in August

UPI transactions in the month of August are likely to have crossed 10 billion. While data for the entire month is yet to be released, till August 29 9.9 billion transactions had been conducted, up 50.2 percent year-on-year. In terms of value, the transactions crossed Rs 14.7 trillion. Recently the launch of the RuPay credit card on UPI and office transactions UPI Lite have contributed to the increase.

(Business Standard)

JSW Cement to launch Rs 4,000 crore IPO in 2024

JSW Cement is planning a 2024 IPO to raise Rs 4,000 crore and plans to file a draft red herring prospectus in the next six months. Initially the company plans to dilute 10 to 15 percent and over the next two years would dilute the mandated 25 percent. In 2020, the company had planned for an IPO in 2022 but did not go ahead as the pandemic muted demand. Present capacity is 21 million tonnes and the target is to take it to 60 million tonnes over the next five years.

(Mint)