BackKirloskar Electric share price surges over 11% as lockout ends at Bengaluru unit
Kirloskar Electric Company share price surged 11.5% on Tuesday's trading session following the announcement that the management had ended the lockout at Kirloskar Electric's Bengaluru Rural District unit.
PremiumKirloskar Electric Company share price surged 11.5% on Tuesday's trading session following the announcement that the management had ended the lockout at Kirloskar Electric's Bengaluru Rural District unit. Kirloskar Electric share price opened at ₹129 apiece on BSE. Kirloskar Electric stock price touched an intrday high of ₹135.20 and intraday low of ₹126.30.
According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, Kirloskar Electric share prices witnessed a gap up opening. However, follow up buying is not there and prices have come-off from the morning highs.
“Volume activity is huge and closing would be crucial. Bullish gap left around ₹123 likely to act as support, and if it holds then expect resumption of upmove. On the flip side, morning's open high around 136 is seen as immediate resistance," explained Bhosale.
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With effect from October 16, 2023, the management of the company declared a lockout at unit no. 15, which is located in Bhudihal, Nelamangala taluk, Bengaluru Rural District. Lockout duration exceeds thirty days. Because of the employees' lack of cooperation, management called for a lockout.
The company stated in its filing that regular communication with the labour union and relevant authorities is one of the measures taken to restore normalcy.
“The management has withdrawn the lockout at the Company’s unit no. 15 situated at Bhudihal, Nelamangala taluk, Bengaluru Rural District with effect from November 20, 2023 at 06:30 AM and has requested all workmen through labour union to report to work," the company said in an exchange filing.
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According to information on the company website, Kirloskar Electric Company launched India's domestic electrical manufacturing sector. Kirloskar Electric serves key economic sectors such as power generation, transmission and distribution, transportation, renewable energy, sugar, steel, cement, and related industries by producing over 70 products under 8 distinct product groups.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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