Shares of MRF
were trading 3% higher on Wednesday after the company in its filing to the exchanges informed that workmen at its manufacturing plant in Tiruvottiyur, Chennai, Tamil Nadu have called off the strike.
Workmen of the company had called a strike with effect from February 9, 2019, for wage revision and removal of CCTV, the company said in a statement.
On the issue related to wage revision, the company in its press note on February 19, 2019, had clarified, "Despite the management’s efforts to reach an amicable settlement on these matters with the Union, the same has been inconclusive and consequently the same is pending for adjudication before the Industrial Tribunal in Chennai."
Further, the company informed that the installation of CCTV cameras is for safety, security, etc. The Union had sought to challenge the installation of CCTV cameras and their demands were rejected by the Industrial Tribunal. MRF clarified that installation of CCTV cameras is a requirement under the prevailing laws in Tamil Nadu.
MRF Ltd's share price is currently at Rs57,233.50, up by Rs1430.95 or 2.56%, from its previous close of Rs55,802.55 on the BSE.
The scrip opened at Rs56,550.40 and has touched a high and low of Rs57,243.40 and Rs56,306.60, respectively. So far, 3,483 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs23,660.28cr.