Maruti edges up as labour row ends

Defying the broader market trend, shares of Maruti Suzuki India rose almost 2 per cent in early trade on the bourses on Monday after the 33-day long standoff between the management and workers of its Manesar plant ended early on Saturday.

As per the agreement, workers agreed to sign the contentious good conduct bond laid down by the management, while the company agreed to take back 18 trainees that were suspended conditionally.

Reacting to the development, shares of Maruti Suzuki jumped by over 1.70 per cent on the Bombay Stock Exchange and more than 1.56 per cent on the National Stock Exchange to an early high of Rs 1,099.85 and Rs 1,100, respectively.

The stock, however, pared some early gains as the session progressed.

The uptrend in the counter assumes significance as the broader market was trading in the red, with the 30-share Sensex trading at 16,160.85 points, down 292.91 points, and the wide-based Nifty at 90.35 points lower at 4,852.90.

Maruti Suzuki India's Manesar plant will resume full-scale production from today.