Toyota Kirloskar Motor on Tuesday said it has declared a lockout at its Bidadi manufacturing facility in Karnataka following workers’ union members resorting to a sit in strike at the factory premises to protest the suspension of a worker.
The company’s Bidadi facility has two production plants with a total installed capacity of 3.10 lakh units per annum. “Due to the current volatile atmosphere and to protect the safety of employees, the company is forced to declare a lockout until further notice,” TKM said.
M&M profit drops
Mahindra & Mahindra (M&M) has reported an 88 per cent drop in its profit after tax (PAT) to Rs 162 crore for the second quarter ended September 30, mainly on account of an impairment provision of Rs 1,149.46 crore for certain long-term investments.
The auto major along with one unit, Mahindra Vehicle Manufacturers Ltd (MVML), had reported a PAT of Rs 1,355 crore during the July-September period of the previous fiscal.
