Tata Steel’s troubles increase, there will be strike for the first time since 1980!
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Tata Steel: Tata Steel in India has performed well in the financial year 2023-24. However, the company’s troubles are about to increase. It is being told that about 1,500 employees of Tata Steel have decided to go on strike in protest against the plan to close blast furnaces and lay off 2,800 employees at two plants located in Wales, Britain. The Mumbai-headquartered steel company said in a statement that it was “disappointed” by the employees’ move while the consultation process on the issue continues. The company also pointed to ‘significant irregularities’ in the voting process in favor of the strike. Tata Steel said its restructuring plans are important for business sustainability in view of the shift to new electric technology. Keeping this in mind, a plan was made to close the furnace and eliminate 2,800 jobs.
When will the workers strike?
Employees’ union Unite the Union said workers at Tata Steel’s Port Talbot and Newport Lanvern plants have voted against the “disastrous” plans because they do not agree with the company’s vision. Sharon Graham, general secretary of the workers’ union, described the decision to go on strike as historic and said that steel workers have not voted in favor of a strike like this since the 1980s. The employees have voted despite Tata’s threat to withdraw the increased additional package in the event of a strike. Along with this, the employees organization said that the scheduled strike dates will be announced soon to create maximum impact.
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This effect was visible in the stock
After the news of Tata Steel’s UK plant, there was a surge in the company’s stock this morning. At 11.45 am, the company’s stock was trading at Rs 165.60 with a rise of 0.33 percent or 55 paise. The company’s stock opened at Rs 166. Which fell to Rs 163 during trading at 9.45 am. The company’s stock has given a return of 2.67 percent in the last five days. Whereas, the company has given returns of 8.59 percent in one month and 31.53 percent in six months to the investors. In the last one year, the company’s stock has given a return of 53.90 percent to the investors.
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