Midcap Rallies to 5-year High Amid Landmark Delhi High Court Ruling

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Midcap Rallies to 5-year High Amid Landmark Delhi High Court Ruling
Credit: © Reuters.

By Aayush Khanna

The Delhi High Court, through an order dated 10 November 2023, and received by the company on 16 November 2023, has issued a decree based on the terms of a settlement agreement between Exide Industries Limited (NS: EXID ), Vertiv Company Group Limited UK (VCGL), and Vertiv Energy Pvt Ltd. India (VEPL). This settlement concludes suits that have been pending before the High Court of Delhi since 2006.

According to the settlement agreement, VCGL & VEPL have acknowledged that the trademark CHLORIDE and its variants in India are registered in the name of Exide Industries. It has been explicitly agreed that VCGL and VEPL will refrain from using the CHLORIDE mark in India, either directly or indirectly, and will withdraw all their claims over this mark in favor of Exide Industries.

The settlement does not have any financial impact on the company, as Exide had been using the CHLORIDE mark in India for its electronic products (UPS) during the litigation period since 2006, thanks to an ex-parte injunction granted in its favor by the Delhi High Court.

After the news, the share price of Exide Industries hit a new 5-year high of INR 286.3 in the early morning. The stock has already delivered a healthy return of 54% in the last 12 months, outperforming the Nifty Midcap 150 return of 33% in the same period.


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