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M&M resumes work at its Nasik plant after a one-day strike
Mahindra and Mahindra (M&M) resumes production at its Nasik plant after a day’s strike
by workers demanding an increase in wages. Workmen at the Nasik plant resorted to a
one-day tool down strike on Sunday (March 6, 2011) to press for their demands of wage
increase for one-third of the workmen. However, the company termed it as illegal as it was
launched without serving any notice and despite the matter being covered in the settlement
agreement reached on July 28, 2009. Nevertheless, with a view to maintain harmonious
relationship with the union and employees, M&M’s management last week proactively
offered to increase the ad hoc allowance of all the entry-level workmen at the Nasik plant.
Still, the workers went on a flash tool down strike in support of the union’s unlawful
demands related to wages and service conditions for new grade workmen.
M&M’s Nasik plant, which produces Scorpio, Xylo and Logan, is back to normal production
from March 7, 2011, and management is confident that the loss of production will be
made good soon. We do not expect any material impact of the strike on M&M’s
production and sales volume and maintain our Buy view on the stock with an SOTP target
price of `794.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
M&M resumes work at its Nasik plant after a one-day strike
Mahindra and Mahindra (M&M) resumes production at its Nasik plant after a day’s strike
by workers demanding an increase in wages. Workmen at the Nasik plant resorted to a
one-day tool down strike on Sunday (March 6, 2011) to press for their demands of wage
increase for one-third of the workmen. However, the company termed it as illegal as it was
launched without serving any notice and despite the matter being covered in the settlement
agreement reached on July 28, 2009. Nevertheless, with a view to maintain harmonious
relationship with the union and employees, M&M’s management last week proactively
offered to increase the ad hoc allowance of all the entry-level workmen at the Nasik plant.
Still, the workers went on a flash tool down strike in support of the union’s unlawful
demands related to wages and service conditions for new grade workmen.
M&M’s Nasik plant, which produces Scorpio, Xylo and Logan, is back to normal production
from March 7, 2011, and management is confident that the loss of production will be
made good soon. We do not expect any material impact of the strike on M&M’s
production and sales volume and maintain our Buy view on the stock with an SOTP target
price of `794.
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