Maruti up 2 pc after strike at Manesar unit ends

[1]

Defying the broader market trend, shares of Maruti Suzuki India surged by almost 2 per cent in early trade on Monday after the 33-day long standoff between the management and workers of its Manesar plant ended early on Saturday.

As per the agreement, workers agreed to sign the contentious good conduct bond laid down by the management, while the company agreed to take back 18 trainees that were suspended conditionally.

Reacting to the development, shares of Maruti Suzuki jumped by over 1.70 per cent on the Bombay Stock Exchange and more than 1.56 per cent on the National Stock Exchange to an early high of Rs 1,099.85 and Rs 1,100, respectively.

The stock, however, saw some of the initial gains pared and was trading at Rs 1,092.70 on the BSE, up 1.04 per cent, and at Rs 1,093.80 on the NSE, up 1 per cent, at 1040 hours.

The uptrend in the counter assumes significance as the broader market was trading in the red, with the 30-share Sensex trading at 16,160.85 points, down 292.91 points, and the wide-based Nifty at 90.35 points lower at 4,852.90.

Maruti Suzuki India's Manesar plant will resume full-scale production from Monday.

The talks were brokered by the Haryana government. State Minister for Labour and Employment Shiv Charan Lal Sharma, Deputy Labour Commissioner J P Mann, Assistant Labour Commissioner Nitin Yadav and Gurgaon District Commissioner P C Meena were involved in bringing the two sides to an agreement.