Monday, July 02 2012 @ 01:44 PM ICT

Contributed by: news

Shares of Arvind gained momentum on high volume after its Ahmedabad mill workers called off their 26-day strike. The company has decided to take back the terminated labourers while the demand for wage hike has yet to be met.

The stock was at Rs 77.05, up 4.41 percent on the BSE. It has touched a high of Rs 77.40 and a low of Rs 74.50 today. The stock is trading at 50 DMA, according to analysts. It has gained 15 percent over the past year.

A group of 300 workers from denim maker Arvind’s Naroda plant went on strike demanding a 40 per cent wage hike. Arvind termed the strike illegal and around 400 workers were sacked. Later, workers asked for an interim relief of Rs 1,600 per month until the wage hike issue has been finalized.

Workers ended the strike after Arvind agreed to take back the sacked workers. However, no decision on the interim relief or wage hike has been taken. We had a meeting with the labour commissioner, and will sit for negotiations with members of Ahmedabad Textile Mills’ Association on Monday,” Amar Barot, General Secretary of Ahmedabad Textile Labour Association, told news reporters.