Indian equity markets have traded in green during the previous two hours of trade. The most noticeable upward movements have been witnessed in the realty and capital goods sectors while FMCG was the only sector witnessing selling pressures.
Auto stocks are trading on a mixed note with Tata Motors and Escorts leading the gains while Mahindra and Mahindra and Eicher Motor are leading the losses. According to a leading financial daily, workers at utility vehicle major, Mahindra and Mahindra have issued a notice to the management to go on strike after March 11, if their demands for higher wages are not settled by the company. The workers at the Nashik factory have been agitating for higher wages after a three year wage pact lapsed in February this year. Industry sources reveal that wage negotiations have been going on for over six months between the management and the workers. The workers have started showing signs of agitation and have demanded settlement of their charter of demands by Monday, failing which they threatened to start a production strike. It is relevant to note that production work was temporarily disrupted at the plant yesterday for about three hours, resulting in loss of production of 90 units.
All but two IT stocks, Patni Computers, Mphasis have traded in green in the last two hours of trade. According to a leading business daily, HCL Tech has delayed the joining dates for freshers who were given offer letters in 2011. The freshers were supposed to join anytime between August and December 2012. Protests were staged by the students in front of HCL Tech centres in Noida, Hyderabad, Chennai and Pune, following which the company confirmed that it would let the students know about the joining dates latest by August 2013. The company further commented that the delay has been due to changing business requirements; however, there should be no doubt with regard to HCL's commitment and the Company would honour all the offers it has given out, although some students may have to join HCL Tech's sister company, HCL Infrastructure. HCL Tech's share is trading up by 1.02%.