Harrisons Malayalam lost 1.23% to Rs 44.25 at 15:10 IST on BSE after the company said that plantation workers in Kerala have gone on strike demanding a hike in minimum wage from Rs 232 to Rs 500 per day.
The company made the announcement during market hours today, 29 September 2015.
Meanwhile, the S&P BSE Sensex was up 172.28 points or 0.67% at 25,789.12.
On BSE, so far 3,806 shares were traded in the counter as against average daily volume of 25,464 shares in the past one quarter.
The stock hit a high of Rs 44.95 and a low of Rs 43 so far during the day. The stock had hit a 52-week low of Rs 39.70 on 12 June 2015. The stock had hit a 52-week high of Rs 78.75 on 1 October 2014.
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The stock had underperformed the market over the past one month till 28 September 2015, sliding 3.66% compared with Sensex's 2.94% fall. The scrip had, however, outperformed the market in past one quarter, surging 5.41% as against Sensex's 7.89% fall.
The small-cap company has equity capital of Rs 18.46 crore. Face value per share is Rs 10.
Harrisons Malayalam said that consequent to the plantation workers strike in Kerala demanding a revision in minimum wage hike, the workers at the company's tea and rubber plantations in Kerala have gone on strike from 28 September 2015. Negotiations are on with the Trade Unions and the Kerala Government to resolve the issue amicably, Harrisons Malayalam said. Operations in the company's plantations in Tamil Nadu are normal, the company added.
Harrisons Malayalam reported a net loss of Rs 8.36 crore in Q1 June 2015, lower than net loss of Rs 13.13 crore in Q1 June 2014. Net sales declined 19.5% to Rs 60.81 crore in Q1 June 2015 over Q1 June 2014.
Harrisons Malayalam is a plantation company. The company is engaged in integrated agricultural operations in South India.
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