Maruti stock up 2 pc as strike at Manesar unit ends

Mumbai: Defying the broader market trend, shares of Maruti Suzuki India surged by almost 2 percent in early trade on the bourses today 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.

[caption id=“attachment_97799” align=“alignleft” width=“380” caption=“The uptrend in the counter assumes significance as the broader market was trading in the red. Reuters”] [/caption]

Reacting to the development, shares of Maruti Suzuki jumped by over 1.70 percent on the Bombay Stock Exchange and more than 1.56 percent 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 percent, and at Rs 1,093.80 on the NSE, up 1 percent, at 10:40 am.

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 today.

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

PTI