Adani group founder and chairman Gautam Adani and his nephew Sagar have been summoned to explain their stand on the US Securities and Exchange Commission (SEC) allegation of paying USD 265 million (Rs 2,200 crore) in bribes to secure lucrative solar power contracts. Summons have been sent to Adani’s Shantivan Farm residence in Ahmedabad and his nephew Sagar’s Bodakdev residence in the same city for a reply to SEC within 21 days.

Zomato will become a part of the benchmark BSE Sensex, replacing JSW Steel from December 23. As a part of the reshuffle in the BSE Sensex 50, key additions are Zomato, Jio Financial Services and Hindustan Aeronautics Ltd. On the other hand, HDFC Life Insurance Company, Bharat Petroleum Corporation Ltd and LTI Mindtree are set to exit the index.

The Mumbai bench of the NCLT has asked Vedanta to call for a meeting of its secured and unsecured creditors and shareholders in the next 90 days to discuss the proposed demerger. The proposed demerger will create independent companies housing aluminium, oil and gas, power, steel and ferrous materials, and base metals businesses. The existing zinc and new incubated businesses will remain under Vedanta Ltd.

Waaree Technologies has announced that it has received a purchase order for 530 solar kits from Waaree Renewable Technologies. The company has received order on 22 November 2024, which includes the supply of 530 solar kits, which consist of batteries, solar panel powered street lights etc. The project is scheduled for completion within 8 weeks. The transaction will be conducted on an arm’s length basis.

Cochin Shipyard informed that it has entered into a memorandum of understanding (MoU) with Seatrium Letourneau USA, Inc. (SLET) for the design and critical equipment for jack-up rigs for the Indian market.

Hero MotoCorp and its US-based partner Zero Motorcycles are in the advanced stage of developing a mid-sized performance segment electric motorcycle, according to a top company executive. California-based Zero Motorcycles specialises in electric motorcycles and powertrains. In September 2022, Hero MotoCorp’s board approved an equity investment of up to USD 60 million in the company. The company is also expanding its electric scooter range covering multiple price segments of this calendar year, a PTI report quoting its CEO said.

Aurobindo Pharma USA, subsidiary of Aurobindo Pharmaceutical, has entered into a licensing agreement with a global pharma major for development of respiratory products for development and commercialisation of products. The partnership is for an initial estimated development duration of three-five years, it added. As per the pact, both parties will co-exclusively commercialise the products.

Alembic Pharmaceuticals has received form 483 with five observations from the US drug regulator for its Gujarat-based manufacturing plant. The US Food and Drug Administration (USFDA) conducted inspection at Jarod-based solid oral formulation facility from November 14-22, 2024, the drug firm said in a regulatory filing. The company will provide a comprehensive response to the USFDA for the observations within the stipulated period.

Rail Vikas Nigam (RVNL) informed the exchanges that its joint venture - RVNL-SCPL - has received letter of acceptance (LoA) worth Rs 837.67 crore from Eastern Railway. The order includes earthwork in cutting and filling, blanketing, construction of minor bridges, major bridges, RUB, ROB, retaining wall, level crossing, side drain, catch water drain, P.way work, and other ancillary works between Kalipahari and Pradhankhuta in connection with the construction of a multi-track tracking railway BG line. RVNL holds 74 per cent stake.

After a nearly three-year wait because of legal wrangles, Eminent Electricity Distribution Ltd, a subsidiary of CESC Ltd, has received the Letter of Intent (LOI) for acquiring 100 per cent equity in a company responsible for electricity distribution and retail supply in Chandigarh. CESC, part of the RP-Sanjiv Goenka Group, had emerged as the highest bidder for the Rs 871-crore deal, securing the tender for the Chandigarh distribution business in 2021. However, the privatisation bid was challenged by trade unions. The Punjab and Haryana High Court recently dismissed the petition filed by employees of the Chandigarh Power Department, clearing the way for privatising power distribution services in the union territory, according to a PTI report.

State-owned National Fertilizers Limited (NFL) on Friday announced its entry into nano liquid urea production. In a regulatory filing, NFL said the company “shall be making forays in nano urea by launching its latest and ultra effective variant using cutting edge nano technology at its Nangal plant”. The company would be manufacturing 1.5 lakh bottles of 500ml per day at its Nangal plant with the new variant.

 VST Industries has completed the sale of an immovable property located in Panjagutta, Banjara Hills, Hyderabad, to ViNS Bioproducts Ltd and others. The transaction, valued at ₹101.7 crore, involves the sale of approximately 2.7 acres of land along with existing structures.

Zaggle Prepaid Ocean Services Limited (Zaggle), has entered into an agreement with Golden Jasraj Music Platforms Pvt. Ltd. The contract term is for 3 years.

H.G. Infra Engineering has received the letter of award from the NTPC Vidyut Vyapar Nigam Limited for setting up of 500 mw/1000mwh standalone battery energy storage systems in India.

Divine Power Energy Limited (DPEL), a leading manufacturer of insulated wires and strips, has entered into a Share Purchase Agreement to acquire 100 per cent stake in Vimlesh Industries Private Limited at a total consideration of Rs 70 crore. Post acquisition, Vimlesh Industries will become a wholly-owned subsidiary of DPEL. In a notification to the NSE, Divine Power Energy, said that it has entered into a Share Purchase Agreement and Shareholders’ Agreement to invest a total amount of Rs 70 crore to acquire 100 per cent of the equity shares of Delhi-based Vimlesh Industries Private Ltd, which had a total turnover of Rs 152.11 crore in 2023-24.

Mahindra World City Developers Ltd (MWCDL), subsidiary of Mahindra Lifespace Developers, has announced the second phase of its industrial parks project, Origins by Mahindra, in Tamil Nadu. The agreement entails an investment of ₹225 crore by MWCDL and Sumitomo in Mahindra Industrial Park Chennai Ltd (MIPCL) in proportion to their shareholding.

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