Business Daily from THE HINDU group of publications
Saturday, Dec 01, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Dec 01, 2007 ePaper | Mobile/PDA Version |
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Corporate
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Trade & Labour Unions 1-day lockout at MRF’s Chennai factory Our Bureau Chennai, Nov. 30 MRF Ltd has declared a one-day lock out at its Tiruvottriyur factory in Chennai. According to information provided by the company to the stock exchange, it has declared a token lockout for one day. Its other factories in Tamil Nadu, Pondicherry, Kerala, Andhra Pradesh and Goa were under production according to schedule. On the reasons for the lock out, a company spokesperson said “because we are losing production in the last couple of weeks. We had come to an agreement on production norms. Workers have not implemented it.” It is a token lockout and on Saturday the company will get the workers back. Union versionAccording to the Union representatives, the issue related to an annual award of over Rs 2,500 to every worker along with the yearly bonus. The management had declined to grant this award to the workers this year. In response, the workers had refused to work overtime. This hit production during the third shift, which is done on overtime. Following this the management tried to involve trainees in production in the third shift. The permanent workers had objected to this move on grounds of safety. The factory, which makes tyres for trucks, light trucks, tractors and OTRs, employs over 800 permanent workers and 400 trainees, the union representatives said. On the stock exchange today, MRF’s shares of Rs 10 opened at Rs 7,100 and closed at Rs 7,062.40. During the third quarter ended June 2007, the company reported a net profit of Rs 42.50 crore on net sales of Rs 1,133.43 crore. More Stories on : Trade & Labour Unions | Tyres
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