Connect with us
Monday,06-October-2025
Breaking News

Business

About 1,100 workers resume duty at Ford India’s Chennai plant

Published

on

About 1,100 workers have resumed work at the Ford India Private Ltd’s Maraimalainagar plant near here even though an agreement between the workers’ union and the management on severance package has not been reached, sources said.

“There is no progress in the talks with the management on the severance package. However, workers have started reporting to duty after (a) agreeing with the severance package (b) not agreeing with the severance package,” a worker union official told IANS preferring anonymity.

He said a tripartite meeting – workers union representatives, management officials and the officials of Tamil Nadu Labour Department- is slated on Monday.

At the previous meetings, the Labour Department officials had said the issue is between Ford India and its workers union and they have to talk and come to a solution.

Ford India has about 2,600 workers at its plant near here. About 400 workers are protesting outside the plant gates, about 1,000 workers are at home, the sources said.

The company management has said it is willing to talk with the workers union after they call off their protest and resume duty.

Another union official had told IANS, from offering 87 days salary per year of service, the management has increased it to about 110 days of salary per year of service at an average.

“Depending on the worker’s experience, the number of days per year for working out the compensation may vary upwards of 102 days,” the official said.

However, the Ford India workers citing another car maker’s compensation scheme, are demanding about 135 days of salary for every completed year of service, in addition to taking care of the income tax burden.

“The company had earlier announced that it would close down the factory at the end of June and it has not extended that date. There is also the risk of the company shutting down the plant and paying the compensation amount as mentioned in the law “15 days salary for every completed year of service. Those who have put in long years of service may rejoin work,” one worker told IANS, requesting anonymity.

The workers are on protest for the past 20 days for better severance package which in turn affected production of EcoSport model for overseas markets.

Business

Sensex rises 583 points, Nifty tops 25,000 as IT and banking stocks lead rally

Published

on

Mumbai, Oct 6: The Indian stock markets continued their winning streak for the third straight session on Monday, driven by strong buying in the IT and banking shares.

The benchmark Sensex jumped 582.95 points, or 0.72 per cent, to close at 81,790.12, while the Nifty rose 183.4 points, or 0.74 per cent, to end the day at 25,077.

“From a technical perspective, Nifty has successfully broken above the key psychological and technical resistance level of 25,000, turning the structure decisively positive,” analysts said.

“Any dip toward the 25,000 zone is expected to act as a strong support level, with immediate resistance seen at 25,200 and 25,500,” they added.

The Bank Nifty also delivered a stellar performance, opening with a gap-up and maintaining its upward trajectory through the session.

The index surged past 56,100, hitting an intra-day high of 56,164, with next resistance levels seen at 56,300–56,500, and support placed around 55,821–55,500, experts stated.

Broader markets also joined the rally, with the Nifty Midcap 100 gaining 0.89 per cent and the Nifty Smallcap 100 inching up 0.28 per cent.

In the Sensex pack, TCS, Tech Mahindra, Eternal, Axis Bank, and Bajaj Finance were the top performers, climbing as much as 3 per cent.

Meanwhile, Trent, Tata Steel, Power Grid, and Titan ended the session with losses. Among sectors, IT stocks led the gains as the Nifty IT index surged 2.28 per cent.

The Nifty Private Bank, Financial Services, and Healthcare indices also closed in positive territory.

On the other hand, Metal, FMCG, and Media shares came under pressure, slipping up to 1 per cent.

Market experts said the upbeat sentiment in IT stocks and strong institutional buying supported the overall market momentum.

“The domestic equity market ended the session on a positive note, led by gains in the financial services and IT sectors, ahead of the Q2 results,” they said.

“The banking index outperformed, bolstered by strong quarterly updates announced by large scheduled banks and attractive valuations, while hospital stocks surged following the revision of CGHS rates,” market experts added.

Continue Reading

Business

SAIL fortifies Indian Navy fleet with special-grade indigenous steel

Published

on

New Delhi, Oct 6: Public sector giant Steel Authority of India Limited (SAIL) has supplied the entire requirement of special grade steel for the INS Androth, commissioned into the Indian Navy on Monday, marking a proud milestone in the country’s journey to achieve self-reliance in the defence sector.

INS Androth is the second vessel in the series of Anti-Submarine Warfare Shallow Water Craft (ASW-SWC) corvettes, the first being INS Arnala, which was commissioned on 18th June this year.

SAIL has supplied the full quantity of special grade steel – including HR Sheets and Plates – for the eight ASW-SWC, including INS Arnala and Androth, being built by Garden Reach Shipbuilders and Engineers Ltd. (GRSE).

The steel was sourced from SAIL’s plants in Bokaro, Bhilai and Rourkela. INS Androth’s commissioning underscores India’s growing maritime capabilities and the nation’s commitment to “Aatmanirbhar Bharat,” according to a SAIL statement.

SAIL had also supplied 8,000 tonnes of critical-grade steel for the country’s advanced frontline warships INS Udaygiri and INS Himgiri, which were inducted into the Indian Navy fleet in August this year.

SAIL played a crucial role in building these two advanced frigates for the Indian Navy. Partnering with Mazagon Dock Shipbuilders Limited (MDL) and Garden Reach Shipbuilders & Engineers Limited (GRSE), SAIL supplied essential critical-grade hot-rolled sheets and plates from its Bokaro, Bhilai, and Rourkela Steel Plants.

By developing and providing critical-grade steel for the Indian Navy, SAIL has made a significant contribution to import substitution and defence self-reliance, directly supporting the ‘Atmanirbhar Bharat’ and ‘Make in India’ initiatives and lessening India’s dependence on imported special quality steel for defence requirements.

Special Plate Plant at RSP alone has supplied over 100,000 tonnes of critical grade steel for defence applications like tanks, warships, and missiles, the statement said.

The commissioning of INS Udaygiri and INS Himgiri powerfully demonstrates the strength and depth of a fully indigenous defence ecosystem – from the foundational steel to the intricate design and dedicated crew.

SAIL’s enduring partnership with India’s defence sector is well-established, with a proud history of supplying critical-grade steel for iconic vessels such as the INS Vikrant, INS Nilgiri, INS Ajay, INS Nistar, INS Vindhyagiri, and INS Surat, among others. This unwavering commitment solidifies SAIL’s standing as a trusted national manufacturer and a vital collaborator in the country’s ongoing naval modernisation, the SAIL statement added.

Continue Reading

Business

Sensex, Nifty open higher ahead of Q2 earnings season

Published

on

Mumbai, Oct 6: Indian stock markets opened slightly higher on Monday, supported by gains in banking and IT shares, as investor sentiment improved following the Reserve Bank of India’s recent lending reforms and ahead of the upcoming quarterly earnings season.

At the opening bell, the Sensex rose 67 points, or nearly 0.09 per cent, to 81,274.79, while the Nifty advanced 22 points, or nearly 0.10 per cent, to 24,916.55.

Among the major gainers on the Sensex were Bajaj Finance, HDFC Bank, Axis Bank, HCL Tech, TCS, Trent, and Infosys, which climbed up to 1 per cent.

In the broader markets, the Nifty MidCap and Nifty SmallCap indices also moved up by 0.11 per cent and 0.08 per cent, respectively.

Market analysts said the Indian equity benchmarks showed strength despite global uncertainties and domestic challenges.

They attributed the positive momentum to the RBI’s dovish stance, which kept the repo rate unchanged at 5.5 per cent, while lowering the inflation forecast for FY26 and raising the GDP growth outlook.

“Capital market lending reforms and expectations of strong festive demand also boosted investor confidence,” analysts added.

Analysts, however, advised traders to remain cautious amid ongoing volatility.

“A buy-on-dips strategy remains advisable, especially in leveraged positions. Investors should book partial profits on rallies and use tight stop-losses. Fresh long positions should be taken only if the Nifty sustains above the 25,000 mark,” they said.

This week, market activity is expected to be influenced by corporate earnings announcements, management commentaries on the second half of FY26, developments in the IPO market, the release of FOMC minutes, and US Federal Reserve Chair Jerome Powell’s speech.

Hopes of progress in the India-US trade deal are also likely to guide investor sentiment.

On Friday, both benchmark indices had extended their rally for a second straight session.

The Sensex had closed 223.86 points, or 0.28 per cent, higher at 81,207.17, while the Nifty rose 57.95 points, or 0.23 per cent, to settle at 24,894.25.

Continue Reading

Trending