Buzzing stocks on January 23, 2023

India Grid Trust has inked a share purchase agreement with Sterlite Power Transmission Limited to acquire a 100% shareholding and economic interest in Khargone Transmission Limited in one or more tranches (one of the Sponsor of IndiGrid). The transaction would be completed upon receipt of unitholder permission, regulatory and other appropriate approvals, and fulfilment of contractual commitments. The acquisition of the aforementioned electricity transmission asset is consistent with the IndiGrid investment strategy outlined in the Trust Deed, which focuses on ensuring steady distributions to unitholders through owning assets with long-term contracts.

YES Bank Limited had written down 8,415 crore in Additional Tier-1 Bonds (“AT-1 Bonds”). Several writ petitions were filed against the write-down of AT-1 bonds in the Bombay High Court. Based on legal advice, the bank is preparing to file an appeal with the Supreme Court of India.

Camlin Fine Sciences Limited stated on Sunday that commercial production at its Composite Vanillin manufacturing unit in Dahej SEZ, Gujarat, has begun successfully.

VIDA, Powered by Hero, Hero MotoCorp’s developing mobility brand, has begun customer deliveries of the VIDA V1 scooter in Jaipur. Following closely behind Bengaluru, Jaipur is the second city where customer deliveries of the VIDA V1 have begun. The scooter was delivered to the city’s initial clients from VIDA’s ‘Experience Center.’

Equippp Social Impact Technologies Limited (Formerly Proseed India Limited) has signed a Memorandum of Understanding (MoU) with Social Audit Network India (SAN-India) in Chennai, Tamil Nadu. The MoU calls for SAN India to get technology tools, specifically the Equipp ix tool, over a two-year period on mutually agreed-upon terms.

Lithoz GmbH, the international market and technological leader in ceramic 3D printers and materials, has announced a sales partnership agreement with Wendt (India) Ltd, extending its operations to the subcontinent’s rapidly increasing 3D printing sector. The collaboration with WIL, a global leader in superabrasive grinding wheels and machines, would allow both companies to expand and strengthen their operations in India.

DCM Nouvelle Specialty Chemicals Ltd, a subsidiary of DCM Nouvelle Limited, has performed Bhoomi Poojan for the proposed site of its new Chemical plant in Industrial Township DMIC Vikram Udhyogpuri Ltd, Village Narvar, Ujjain, Madhya Pradesh. During this phase, DCMSCL will begin designing and building its Chemical Plant, as well as its R&D Lab.

At its meeting on January 21, 2023, the board of Lyka Labs Ltd approved raising funds up to 100 crore by issuing, offering, and allocating stocks of the firm to Ipca Laboratories Limited through a preferential issue. The board approved the issuance of up to 20 lakh equity shares for cash at 139.50 per share and up to 50 lakh convertible warrants with the ability to apply for and be allotted one equity share for each warrant within 18 months of warrant issuance at 139.50 per warrant.

On January 20, 2023, Shreyas Shipping and Logistics Ltd signed a Memorandum of Agreement (MOA) for the sale of one vessel, M.V. SSL Kochi.

Trent Ltd. has signed a Joint Venture Agreement with MAS Amity Pte. Ltd. to establish an organisation in India to create an intimate wear and other apparel-related business. Trent and MAS would eventually combine their domain expertise to design, develop, and manufacture a variety of intimate wear and other garment products. Initially, the joint venture would help with product design and sourcing.

The Bandhan Financial Holdings-led consortium’s acquisition of IDFC Asset Management Company is expected to be completed this month with a payment of 4,500 crore, and the rebranding of the company and mutual fund as Bandhan Asset Management Company Ltd and Bandhan Mutual Fund is also expected in January.

Reliance Retail, a division of Reliance Industries, has bought Telangana and Andhra Pradesh-based footwear and apparel retailer V Retail Pvt Ltd, which operates a retail network under the brand name ‘Centro Style’. V Retail runs 32 Centro stores in the Andhra Pradesh, Telangana, and Karnataka markets.

According to the US Food and Drug Administration, Lupin is recalling 16,056 bottles of Rifampin Capsules, which are used to treat all kinds of tuberculosis, from the US market owing to a manufacturing fault.

McLeod Russel, a debt-ridden tea company, announced on Saturday that its board of directors has accepted the signature of an agreement with Carbon Resources to discuss and analyse a mutually agreeable mechanism to deliver a “one-time settlement” of its debt with the lenders.

According to Adani Group’s Chief Financial Officer Jugeshinder Singh, the company plans to spin off sectors such as hydrogen, airports, and data centres between 2025 and 2028 after they reach a specific investment profile. The group’s business incubator is Adani Enterprises Ltd, which is trying to raise 20,000 crore in a follow-on share offering. AEL has nurtured industries such as ports, power, and municipal gas over the years before spinning off or merging into independent publicly traded corporations.