Shares of car major Maruti Suzuki India Ltd. bounced back from intraday lows after reports that labour unrest at three of Suzuki's Indian subsidiaries was called off.
However, it was not clear whether the strike at Maruti Suzuki's Manesar factory has also been ended or not.
It may be recalled that Maruti's car production at Manesar has been severely crippled over the past several days due to the labour unrest.
Workers at Suzuki Powertrain India, Suzuki Motorcycle India and Suzuki Castings called off their two-day-long strike this morning after an agreement was reached with the management of the companies.
On Wednesday, workers at Suzuki Powertrain India and Suzuki Motorcycle India went on strike in support of their colleagues at Maruti Suzuki India's Manesar plant.
Yesterday, Maruti Suzuki had announced that it will shut down its plants at Manesar and Gurgaon on Friday due to engine supply constraints on account of the strike at Suzuki Powertrain.
Suzuki Powertrain India employs over than 2,000 workers at its Manesar plant, where it manufactures diesel engines and transmissions for supplies to Maruti Suzuki.
Suzuki Castings has nearly 700 workers.
Suzuki Motorcycles India has 1,400 workers at its plant near Manesar.
The stock closed at Rs1106, up Rs23.65 or 2%. The stock has hit a high of Rs1117 and a low of Rs1060
No comments:
Post a Comment