Kingfisher stock gains after staff ends strike
Mumbai: Kingfisher Airlines' scrip rose 4.6 percent to touch its upper limit today as the management lifted the lockout, agreeing to pay by December the four-month salary dues to striking employees.
The stock opened the day 4.59 percent higher and hit the day's upper circuit of Rs 11.40 on the BSE, defying a weak stock market.
At NSE, the scrip gained 4.61 percent to Rs 11.35.
The striking employees yesterday decided to return to work with immediate effect.
The airline management agreed to pay the March salary within 24 hours, the April salary by October 31, May dues before Diwali (mid-November) and June salary by December end.
However, resumption of flights may take at least 3-4 weeks as the airline would have to get the suspension of its flying licence revoked by the DGCA which also has to satisfy itself on safety issues as well as the viability of the financial and operational plans.
In the broader market, the BSE 30-stock index, Sensex, was trading at 18,655.62, down 103.01 points at 1050 hrs.