Bajaj Auto's one-year-old labour dispute saw fresh trouble after the Bombay High Court recently rejected the company's plea to stay proceedings at an industrial tribunal even though workers who intended to go on strike decided to put it off by two weeks.
Bajaj Auto's one-year-old labour dispute saw fresh trouble after the Bombay High Court recently rejected the company's plea to stay proceedings at an industrial tribunal even though workers who intended to go on strike decided to put it off by two weeks.
In June last year, workers at its Chakan plant in Pune had gone on strike, affecting production for 50 days, demanding, among other things, a wage hike and shares in the firm.
But despite being offered a wage raise of Rs 10,000 for each worker, the employee union has upped its demand, asking for part of the company's corporate social responsibility (CSR) fund to be spent on workers' children and for a statue of founder Jamnalal Bajaj to be installed at the plant.
The Chakan plant, which accounts for 25 percent of Bajaj's production, produces the bestselling Pulsar and Avenger motorcycles, apart from making some of the KTM bikes. The company also has production units at Aurangabad and Pantnagar.
Also read: Bajaj Auto workers defer strike at Chakan plant by 2 weeks
Managing director Rajiv Bajaj has dismissed workers' demands as "entirely insane" and has said he is determined to ensure that "those who vitiate the work culture are firmly dealt with, even if it means a six-month shutdown."
In an interview with The Financial Express, Bajaj said he has "all the data to show that on all important parameters, including compensation, we are the best or one of the best in this industrial region."
"We challenge the errant union leaders, who are misleading people to believe otherwise, to submit an iota of information to the contrary, instead of perpetuating vague subjective allegations," he said.
The MD has also maintained Bajaj is an established "highly-profitable" venture that does not offer stock options to even top executives and offers "real money for real work" and that the union's demand of spending part of its CSR spend on its workers as "illegal" under Indian laws.
Bajaj has suspended five workers who it says were guilty of "creating problems" even as an enquiry is on against 13 others who were purportedly behind violence during last year's strike.
Several Indian automakers have had labour troubles in the past with Maruti (last year), Toyota and General Motors (in 2014) facing protests from workers over compensation and other work-related issues.
Bajaj Auto stock price
On April 28, 2014, at 11:05 hrs Bajaj Auto was quoting at Rs 1985.60, down Rs 10.95, or 0.55 percent. The 52-week high of the share was Rs 2193.85 and the 52-week low was Rs 1683.35.
The company's trailing 12-month (TTM) EPS was at Rs 112.15 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 17.7. The latest book value of the company is Rs 273.08 per share. At current value, the price-to-book value of the company is 7.27.
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