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KEI’s Rakholi & Chinchpada Plants Resume Operations After Workers Call Off Strike

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KEI Industries’ Rakholi and Chinchpada plants in Dadra & Nagar Haveli and Daman and Diu, resumed operations on 20th June 2024 after workers called off their strike at these plants. This information was conveyed by KEI Industries in a stock filing dated 21st June 2024.

No Loss / Damage to Property, KEI Incurs Rs. 10 Crore Production Loss

KEI Industries stated that the company’s plants did not suffer any damage on account of the strike. However, KEI suffered production losses of Rs. 10 crore due to stalling of operations at the aforementioned plants. No other plants of the company were affected due to this strike.

The Company shall ramp up the production at the plants located at Rakholi and Chinchpada to make up the production loss”, said the company.

Workers Demanded Increase in Wages

Workers at KEI’s Rakholi and Chinchpada plants had announced strike on 19th June 2024. The workers had staged this strike in demand for increase in their wages.

At the start of the strike, KEI had estimated its daily production loss to be about Rs. 8 crore for the duration of the strike.

KEI’s Stock Recovers After Strike Called Off

After the workers’ strike was called off, KEI’s stock saw a recovery by 3.03% to Rs. 4,556.45 apiece on 21st June 2024 from Rs. 4,422.25 apiece on 20th June 2024.

On the day the strike came into effect, KEI Industries’ share price dropped by 5.44% as compared to the company’s share prices on the previous trading day.

About KEI Industries Limited: KEI Industries was founded in 1968 as a partnership firm. It was converted into a Limited company in 1992. The company has manufacturing facilities in Bhiwadi, Chopanki & Pathredi in Rajasthan and Silvassa in Dadra & Nagar Haveli. KEI is primarily a cable and wire company, dealing in Low Tension (LT) cables, High Tension (HT) and Extra High Voltage (EHV), control and instrumentation cables, specialty cables, elastomeric / rubber cables, submersible cables, flexible & house wires.