Kirloskar Electric witnessed a substantial 6.35% surge in its shares at the opening of the NSE on November 21, following the lifting of the lockdown at its Bengaluru unit. As of 10:00 am, the stock was trading at ₹128.75, reflecting a noteworthy 6.23% increase.
In a regulatory filing on November 20, Kirloskar Electric announced the withdrawal of the lockout at its unit no. 15 in Bhudihal, Bengaluru Rural District. The company’s management initiated the reopening, effective November 20, 2023, at 06:30 AM, and extended a request to all workmen through the labor union to resume work. The lockout had been imposed on October 16, citing alleged non-cooperation by workers at the facility.
Kirloskar Electric, known for manufacturing products in sectors such as power generation, transmission and distribution, transportation, and renewable energy, operates across nine manufacturing locations in the country. The positive market response to the Bengaluru unit’s reopening emphasizes the significance of this development for the company.
