Graphite India lifts lockout at its Powmex Steels division in Titilagarh

10 Jun 2011 Evaluate

Graphite India lifts lockout at its Powmex Steels division in Titilagarh from June 09, 2011 pursuant to the improvement at the ground level situation and the settlement entered into with the authorized representatives of the workers. The lockout was declared in the company on March 06, 2011.

The lock-out was declared pursuant to the emergency situation created by some suspended agitating workers of the labour union who shockingly on March 03, 2011 set on fire the Deputy General Manager (Operations) of the plant, who unfortunately succumbed to the burn injuries.

The company’s net profit declined by 20% to Rs 44.54 crore for the quarter ended March 31, 2011 against Rs 55.60 crore for the quarter ended March 31, 2010. The company has reported net sales / income from operations of Rs 303.05 crore for this quarter against Rs 338.56 crore for the quarter ended March 31, 2010.

For the year ended March 31, 2011, the company’s net profit dipped 19% to Rs 189.11 crore against Rs 234.84 crore for the year ended March 31, 2010. The company has reported net sales / income from operations of Rs 1443.89 crore for the year ended March 31, 2011 against Rs 1347.03 crore for the year ended March 31, 2010.

Graphite India (GIL) is engaged in manufacturing of graphite electrodes. GIL set up its first facility at Durgapur in east India in 1967. Besides graphite electrodes, the company also manufactures anodes, other miscellaneous carbon and graphite products and calcined petroleum coke.

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