Swaraj Engines and M&M rose by 0.97% to 1.97% at 11:55 IST on BSE after both the firms said that workers have resumed their work at the manufacturing plants in Mohali, Punjab with effect from 8 May 2014.
Both the companies made the announcement during tradng hours today, 9 May 2014.
M&M (up 1.97%) and Swaraj Engines (SEL) (up 0.97%), edged higher.
The BSE Sensex was up 268.37 points, or 1.20% at 22,612.41.
Shares of Swaraj Engines had outperformed the market over the past one month till 8 May 2014, rising 15.07% compared with no change in the Sensex. The scrip had also outperformed the market in past one quarter, rising 25.08% as against Sensex's 9.66% rise.
Shares of M&M had outperformed the market over the past one month till 8 May 2014, rising 5.29% compared with no change in the Sensex. The scrip had also outperformed the market in past one quarter, rising 18.73% as against Sensex's 9.66% rise.
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M&M and SEL announced that a section of employees who were not reporting to duties at the manufacturing plants situated at Mohali, Punjab, have resumed their work with effect from 8 May 2014 as the matter was resolved amicably through mutual dialogues and the matter has also been withdrawn by them from the Conciliation Officer, Mohali.
There was no production loss due to the above and all operations continued without any interruptions, both the firms said in a statement.
Last month, M&M and SEL had informed that a section of employees at the manufacturing plants were not reporting to duties in a concerted manner. Their demands were unjustified and matter is in conciliation with the Labour Commissioner's Office, their statements said.
M&M manufactures tractors, while SEL makes engines in the Mohali plant.
SEL was set up in 1985 in Mohali, Punjab, to manufacture engines for fitment into the Swaraj brand of tractors for Punjab Tractors (PTL), which has since been merged with M&M. After the M&M-PTL merger in 2009, SEL is now part of the M&M group (As on 31 March 2014, M&M owned 33.2% equity stake in SEL).
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