Ceat treading on good roads

Ceat is treading on very good roads today. The stock opened at the same levels that it closed on Friday, at Rs.657 but soon zoomed up to an intra day high at rs.691.85 and currently remains 4% higher.

The stock zoomed up after the company announced today morning around the opening bell that the workmen of the company's Nasik plant who had gone on  a flash strike from second shift on June 26, 2014, was called off by the second shift on June 27, 2014, with the intervention of Deputy Labour Commissioner.  The strike was called off before the news of the workers going on a strike was announced. And clearly, the market is enthused that the issue was resolved swiftly though reason for the strike and the terms of how it got resolved was not divulged by the company.