M&M shares rise 6.88 per cent
Shares of M&M were in the limelight after the company's employee union at the Nashik plant withdrew its 14-day strike. Following the withdrawal, production has resumed in the plant, the company said in a statement to the BSE.
By ET Bureau |
MUMBAI: Shares of Mahindra & Mahindra were in the limelight on Tuesday after the company���s employee union at the Nashik plant withdrew its 14-day strike. Following the withdrawal, production has resumed in the plant, the company said in a statement to the BSE.
Workers at the Nashik plant had gone on a tool down strike starting on May 4 following the suspension of their Union President Madhav Dhatrak. According to reports, the auto major was believed to be considering shifting its production to other sites on account of the strike. M&M's Nashik plant manufactures the Scorpio, Bolero, Xylo and Mahindra Renault's sedan Logan, and has an annual production capacity of 1.5 lakh units.
An industrial court had declared the strike as illegal and unjustified and had asked the agitating workers to report back to duty within 48 hours.
At 10:30 am, the company���s shares climbed 6.88 per cent to Rs 615 on the BSE.
Workers at the Nashik plant had gone on a tool down strike starting on May 4 following the suspension of their Union President Madhav Dhatrak. According to reports, the auto major was believed to be considering shifting its production to other sites on account of the strike. M&M's Nashik plant manufactures the Scorpio, Bolero, Xylo and Mahindra Renault's sedan Logan, and has an annual production capacity of 1.5 lakh units.
An industrial court had declared the strike as illegal and unjustified and had asked the agitating workers to report back to duty within 48 hours.
At 10:30 am, the company���s shares climbed 6.88 per cent to Rs 615 on the BSE.
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