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M&M gains as workmen at Nasik plant call off strike

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Mahindra and Mahindra (M&M) is trading higher by around 2% at Rs 902 on NSE after the utility vehicle maker said that workmen at Nasik plant have called off their strike.

“The tool down strike by employees of its Nashik plant which started on March 05, 2013 at 6:00 p.m. as well as the proposed strike from March 11, 2013 has been called off,” M&M said in a statement.

 

 

“Operation in all shifts is expected to be normal soon. The Management and union will continue their ongoing dialogue so as to reach a mutual agreement. The Management expects the production loss to be made good,” it added.

The stock opened at Rs 895 and hit a high of Rs 903 on NSE. A combined 233,733 shares have changed hands on the counter in morning deal on NSE and BSE.