Coal India union calls a strike

Srujani Panda / 10 Oct 2011


In yet another body blow for State owned Maharatna Coal India, its union workers have called on an indefinite strike due to certain bonus related issues wherein they are demanding a bonus of Rs 25000 against Rs 17000 proposed by the company.

We believe that this would lead to an estimated production loss of 1 MT per day and revenue loss of Rs 120 crore per day. Now with the Coal Ministry already pressurizing the company over its production deficits, this strike would just hurt the company further and would make it even more difficult for them to meet its targets for FY12E. The ongoing profit sharing bill also adds further fuel to fire that has already engulfed CIL.

The stock is currently down by 1% following this update.

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