Amforge declares lockout at Pune plant

Amforge Industries Ltd has informed BSE that the company has given notice to its workmen regarding lock out of Chinchwad plant with effect from May 25,2009. The notice was given to the workmen on May 11,2009.

The mid-sized forging company supplying components to auto majors had earlier submitted an application for the closure with the state labour department and the case was being heard in Mumbai. In December 2008,the company had resorted to a block closure on account of the economic slowdown. For the year ended March 31,2009,the company had reported a net loss of Rs. 6.89 crore as against a net loss of Rs. 2.23 crore for the same period in the previous year.

The total income dropped to Rs 27.9 crore for the period as against Rs. 50.87 crore same time last year.