State-run Bharat Petroleum Corporation Limited (BPCL) clarified about a buzz which claimed that workers held 48 hours strike at Kochi refinery. On Thursday, BPCL stock was among the lead gainer on stock exchanges. BPCL stock has surged by over 4% with an intraday high of Rs422.85 per piece in early trade.
Clarification was sought from exchanges over a news article which appeared in the Hindu BusinessLine with a title, “BPCL workers on 48-hour strike at Kochi Refinery”.According to the news article, a 48-hour strike by BPCL workers against the management’s decision to sign a long-term wage settlement with clauses favourable for the speedy privatisation of the company commenced at Kochi Refinery on September 07, 2020.
On Wednesday, BPCL clarified that three-long term wage agreements of workmen are due for renewal, regarding with collective bargaining started in October 2019 but remained inconclusive, except with two Marketing Unions with whom agreement minutes could be signed.
Further, BPCL said, “The other Unions continued with their demands not acceptable to Management and pressing those issues resorted to strike on 7th and 8th September 2020. The strike-related absence was more in Kochi and Mumbai refineries, though, refinery operations and dispatches continued uninterrupted. In Marketing, establishments strike was partial with operations and market supplies remaining unaffected.”
“In Marketing two major unions concluded the process of reaching agreement whereas a few others are expected to turn around post-strike. Refineries unions too are expected to conclude the processes soon, since the strike as a bargaining weapon is used up and all company business processes remained unaffected,” BPCL added.
Unions strike was against restraining orders of multiple High courts and the conciliation machinery but was fully peaceful with complete law and order maintained, BPCL explained.