Century Textiles declares lockout

Thereafter, the company has informed the exchange, the workers resorted to an illegal stay-in-strike and go-slow tactics in support of their demand.

quot;In view of the stay-in strike and go slow tactics of the workers in the above division, the production was adversely affected and hence the management has been compelled to declare a lock-out in the Century Pulp and Paper division including bagasse unit effective from 10 pm of Sunday,November 15,quot; the company has informed.

This is expected to substantially affect the financial results of the BK Birla-owned once blue chip diversified products major, because the division contributes to as much as 16 per cent of the company8217;s turnover. The company8217;s results for the first half of the current financial year had already shown a sharp bottomline slump.

Century Textiles has been passing through extremely difficult times because of the recessionary conditions affecting Indian industry. A major portion of the company8217;s turnover comes from cement, which has been plagued by slowdown, and textiles has been going through troubled times as well. The results for the first half of the current financial year had also not been very good.