HPL workers begins indefinite strike

The 2,000-odd temporary workforce at the Rs 1,230-crore Project Supermax at Haldia Petrochemicals (HPL) went on indefinite strike, adversely hitting operations at the site. The workers supported by CPM’s labour arm Citu started strike in the HPL for the first time after the failure of dialogue between worker’s union and HPL authorities.

The strike begins just before the visit of West Bengal Chief Minister Buddhadeb Bhattacharjee to East Midnapore. The state government is a principal promoter of Project Supermax which has been already undergoing a cost overrun due to delay in implementation.

HPL added in a statement, “This is to inform that there were conciliation proceedings towards settlement of a charter of demands (COD) between HPL and HPL Contractors’ Workers Union on Friday in the presence of the additional labour commissioner, in the course of which the above union served notice of an indefinite strike effective November 21.”

Meanwhile, the State government is said to have assigned State Industry Minister Nirupam Sen to resolve the matter for avoiding any further delay in the implementation of the project. A senior government official warned against decline in profitability of the firm in coming quarters in case of failure of earlier resumption of work at the project site.


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Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Owner of Energy giant Reliance Industries, Mukesh Ambani has put in an extra 0.68% in EIH Ltd. With this, his total stake in the hotel chain has increased to 14.8%. In a filing to the Bombay Stock Exchange, EIH said that the shares were purchased from the market on Tuesday.

Shares of Reliance surged 0.3% at Rs. 939.3 in proportion to the Mumbai market at 1.26pm, while EIH shares witnessed a 4.5% rise at Rs. 150.2.

On Monday, Reliance was quoted saying that it is widening its horizon and has procured 14.12% stake in EIH for a sum of $217.5 million.

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

On Thursday, Bajaj Auto posted a 55% increase in its sales of vehicles. In the month of August, the Company recorded sales of 3,29,364 vehicles, compared to 2,13,072 units in the same month the year before.

Last month, 2,89,176 two wheelers were sold by Bajaj Auto, a big surge than 1,82,441 units, which were sold in August 2009. The Company’s cumulative sales of two wheelers for the time frame between April and August 2010 increased by 68% and were recorded at 1,397,348 units. The number was high from 833,235 units that were retailed during the same period last year.