Titagarh Wagons slips as workers go on strike

Titagarh Wagons fell 1.67% to Rs 224 at 12:27 IST on BSE after the company said workmen at one of the plants went on illegal strike.

The company made the announcement during trading hours today, 8 September 2014.

Meanwhile, the BSE Sensex was up 184.54 points, or 0.68%, to 27,211.24.

On BSE, so far 9,736 shares were traded in the counter, compared with an average volume of 20,857 shares in the past one quarter.

The stock hit a high of Rs 234.40 and a low of Rs 220 so far during the day. The stock hit a 52-week high of Rs 342 on 8 July 2014. The stock hit a 52-week low of Rs 91.10 on 14 February 2014.

The stock had underperformed the market over the past one month till 5 September 2014, rising 2.24% compared with 4.32% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 15.65% as against Sensex's 8.02% rise.

The small-cap company has an equity capital of Rs 20.06 crore. Face value per share is Rs 10.

Titagarh Wagons announced that the workmen at one of the company's plants went on illegal strike in response to the disciplinary action as per law taken by the company against some of them. Due to unruly behaviour of the workmen, management was compelled to suspend work at the plant, on 8 September 2014.

Titagarh Wagons' net profit fell 47.3% to Rs 2.15 crore on 25.4% decline in net sales to Rs 70.16 crore in Q1 June 2014 over Q1 June 2013.

Titagarh Wagons is one of the leading private sector manufacturers of wagons and coaches in India.

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