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Bosch shifts gear as strike called off

Capital Market / 10:56 , Oct 14, 2011

Bosch rose 0.88% to Rs 7,105 at 10:53 IST on BSE after the company said that the 'tool down' strike by union and workmen of its Bangalore plant has been called off with effect from 13 October 2011.

The company made this announcement during trading hours today, 14 October 2011.

Meanwhile, the BSE Sensex was up 59.61 points, or 0.35% to 16,943.53.

On BSE, 367 shares were traded in the counter as against average daily volume of 1,090 shares over the past one quarter.

The stock hit a high of Rs 7,148 and low of Rs 7,080 so far during the day. The stock had hit a record high of Rs 7,480 on 19 July 2011. The stock had hit a 52-week low of Rs 5,701 on 26 October 2010.

The large-cap stock underperformed the market over the past one month till 13 October 2011, declining 1.35% compared with the Sensex's 2.53% return. The scrip had, however, outperformed the market in past one quarter, falling 0.4% as against 9.21% decline in the Sensex.

The company has an equity capital of Rs 31.40 crore. Face value per share is Rs 10.

Bosch said that the illegal strike by workers was called off after the issue of prohibitory order from Karnataka state government on 12 October 2011, which was followed by an unconditional letter to end the strike from the union to the company. The plant operations have been resumed from 14 October 2011, beginning with the first shift of production, the company added.

Bosch's net profit rose 33% to Rs 278.93 crore on 22.2% rise in net sales to Rs 2024.08 crore in Q2 June 2011 over Q2 June 2010.

Founded in 1951, Bosch is India's largest auto components manufacturer and also one of the largest Indo-German companies in India.

 



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