HAL gains as workmen sign pact for wage revision

Hindustan Aeronautics (HAL) said a pact has been signed between the companys management and its workmen on the revision of wage structure with effect from 1 January 2017.

Dec 11, 2019 06:12 IST capital market

The scrip was up 0.55% at Rs 761.75. It traded in the range of Rs 754.70 and Rs 764 so far during the day.

In a regulatory filing during market hours today, 11 December 2019, the company said that a Memorandum of Understanding (MOU) has been signed on 10 December 2019 between workmen and the management on revision of wage structure with effect from 1 January 2017 and productivity improvement and other related matters.

The workers had gone on a strike from 14th to 22nd October to press for their demand of 15% fitment benefit and 35% perks with effect from 1 January 2017 on par with executives. The labour union had resumed work after the High Court judgement but negotiations were on between the management and the labour unions.

On a consolidated basis, HALs net profit surged 116.41% to Rs 621.66 crore on 32.20% increase in net sales to Rs 3,451.07 crore in Q2 September 2019 over Q2 September 2018.

HAL designs and develops a range of aircrafts that include fighter aircrafts, trainer aircrafts, transport aircrafts, military helicopters and civil helicopters.

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