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Morning Buzz: Torrent enters the race for Cipla, India launches car crash test rating, and more

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

Samar Srivastava
Published: Aug 23, 2023 09:40:00 AM IST
Updated: Aug 23, 2023 09:44:55 AM IST

Morning Buzz: Torrent enters the race for Cipla, India launches car crash test rating, and moreIf Torrent's Cipla deal goes through it would make the company the second largest pharma company after Sun Pharma.

Torrent enters race for Cipla stake

Torrent Pharma has entered the race to buy out the Hamied family stake in Cipla. Torrent is ranked six on size and is aiming to take over a larger company that is more than 2.3 times its revenue and 1.4 times its market cap. If the deal goes through it would make the company the second largest pharma company after Sun Pharma. Others in the race include Blackstone and Baring PE.  
(Economic Times)  
 
 

Liquidity slips into deficit  

Banking system liquidity has slipped into a deficit of Rs 23,644 crore on Monday. The cause of the deficit was the goods and services tax as well as the incremental cash reserve ratio imposed on banks. The RBI intervention in the forex market has also drained liquidity. Economists expect the liquidity to become positive once the incremental CRR rule expires on September 8.  
(Financial Express, Business Standard)  
 
 

India launches car crash test rating

The government has launched an Indian version of a car crash testing programme named the Bharat New Car Assessment Program. Under the programme, car manufacturers will have the option of getting their vehicles tested and accord star ratings according to the safety parameters they meet. They will be ranked according to safety for adult occupants and child occupants as well as the fitment of safety assist technologies.  
(Business Standard, Business Line, Mint)  
 
 

Inflation to remain elevated in the coming months  

Global and regional uncertainties may keep inflation elevated in the coming months. This would require greater vigilance by both the government and the Reserve Bank of India. The termination of the Black Sea grain shipment deal by Russia as well as a dry spell in India’s wheat growing areas have caused a spike in cereal prices. Onion prices are also expected to spike while the spike in our dal prices is being addressed through imports. Tomato prices have settled down with the arrival of the new crop.  
(Business Standard, BusinessLine)  

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