Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Losses pile up at Hero as strike enters third day

Jan 26 2013, 03:22 IST
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SummaryHero MotoCorp is estimated to have lost Rs 8-9 crore in revenues till Friday as the production slowdown by workers at its Gurgaon plant entered the third day.

Hero MotoCorp is estimated to have lost Rs 8-9 crore in revenues till Friday as the production slowdown by workers at its Gurgaon plant entered the third day.

Sources close to the development told FE that Friday's wage talks between the company management had also remained inconclusive, despite continuing late into the evening in the presence of state labour department officials.

“No concrete results are expected from Friday's meeting with both the company and the union representatives sticking to their stand. The talks had begun in the morning, stopped for lunch, after which they changed the venue within Gurgaon itself,” a source said.

Between Wednesday and Friday, Hero MotoCorp is expected to lose production of 1,500 to 1,800 scooters, which are made at one of the three lines at Gurgaon where workers have opted to slow down output in order to protest against the lower wage hike offer by the Hero management.

The company had alleged in a statement issued on Wednesday that workers had resorted to tampering with equipment to slow production.

“Even as we are engaged in talks with the union of our Gurgaon plant to reach at an amicable solution, they have resorted to tampering with the settings of production equipment, marginally compromising on our output for the day,” the company said.

Last week, Hero offered the 1,400 workers represented by the Hero MotoCorp Workers Union a R7,500-monthly hike.

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