Strike at Maruti’s Manesar plant enters its fourth day

Around 2,000 workers at the plant had gone on strike since Saturday, resulting in a production loss of about 1,800 units till Monday and the value of the loss is estimated to be around Rs100 crore

New Delhi: The strike by workers at the country's largest car maker Maruti Suzuki India's (MSI) Manesar plant entered its fourth day today and production continued to be completely affected, reports PTI.

"The situation is the same as it was yesterday," a company spokesperson said.

The company had yesterday sacked 11 employees at the plant for allegedly inciting others to strike work.

Around 2,000 workers at the plant had gone on strike since Saturday, resulting in a production loss of about 1,800 units till yesterday and the value of the loss is estimated to be around Rs100 crore.

Striking workers are demanding the recognition of a new union-Maruti Suzuki Employees Union (MSEU)-formed by those working at the Manesar plant, besides retaining contract labourers for the two upcoming new units inside the complex.

Taking no disciplinary action against the 11 office bearers of the new union is also another demand.

The Manesar plant rolls out about 1,200 units every day in two shifts. The factory produces hatchbacks Swift and A-Star and sedans DZiRE and SX4.

The company's scrip was being quoted at Rs1,227.50 per share in noon trade on the Bombay Stock Exchange, down 0.36% from its previous close.

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Two new health plans: LIC Jeevan Arogya, Chola Healthline

LIC Jeevan Arogya Insurance offers comprehensive hospitalisation benefits, while Chola Healthline mediclaim even covers dental care and ayurvedic treatment under an ‘advanced’ option

LIC of India has launched a new non-linked health insurance plan called Jeevan Arogya that offers comprehensive hospitalisation benefits for the entire family for the principal insured. It also offers to cover the parents' in-law of the principal insured, besides the spouse, minor children and parents.

Jeevan Arogya is a combination of hospital cash and defined benefits policy. The benefits are payable regardless of the life insured receiving reimbursement through any other scheme from his/her employer, or any other insurance company, on the basis of certified photocopies of the original bills.

The plan offers term assurance and an accident benefit rider. The plan has major surgical benefits, day-care procedure benefit, other surgical benefits and ambulance benefit.

The plan also offers premium waiver benefit and no-claim benefit. Premiums are guaranteed for three years from the date of commencement of policy. The total premium to be charged for a policy will be the sum of premiums in respect of each member to be covered in that policy.

The indicative annual premium for Rs1,000 per day hospital cash benefit and Rs1 lakh major surgical benefit is Rs2,242 for age 30, spouse premium of Rs1,730 for age 30 and child premium of Rs794 for age 5.

Chola MS General Insurance has launched 'Chola Healthline', a health insurance plan. The new policy covers maternity expenses for a sum insured of over Rs3.5 lakh, with a five-year waiting period (not in the standard option).

The product has three variants (standard, superior and advanced), covering up to Rs 10 lakh. The policy even covers dental care, eye examination and ayurvedic treatment. Individuals up to 55 years old, who have not had any medical check-up, and up to 65 years old, who have had medical checkups, are covered. Chola also offers a free health check-up, once in every two claim-free years.

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RBI monitoring economy, liquidity ahead of policy action

The RBI is scheduled to come out with mid-quarterly review of the policy on 16th June. The policy initiatives, however, will have to be taken with a view to containing inflation without sacrificing growth, which has started showing signs of a slowdown

Bangalore: Ahead of its mid-quarterly policy review, the Reserve Bank of India (RBI) on Monday said it is monitoring the economic data and also the liquidity situation, and would take a forward-looking view while deciding on the policy action, reports PTI.

“We would monitor various data...and take a forward- looking view and take action,” RBI deputy governor Shyamala Gopinath told reporters here when asked how the central bank plans to arrest the economic slowdown.

The central bank has raised key policy rates nine times since March 2010 to check inflation, which is hovering above 8%, much above the comfort level of 5%-6%.

The RBI is scheduled to come out with mid-quarterly review of the policy on 16th June. The policy initiatives, however, will have to be taken with a view to containing inflation without sacrificing growth, which has started showing signs of a slowdown.

India’s economic growth during January-March quarter of 2010-11 slowed down to 7.8% from 9.4% during the corresponding period the previous fiscal.

The gross domestic product (GDP) growth rate this fiscal is expected to moderate to about 8%-8.5% as against the original estimate of 9%.

Referring to the issue of liquidity, Ms Gopinath said there was no shortage of funds in the system.

“We are closely monitoring the liquidity situation. We are aware that the market is in repo mode, they are borrowing from us and that is something in line with our monetary stance,” she said.

The RBI, Ms Gopinath added, “does not see much of a stress in the call rates... the short term rates, but we are closely monitoring the situation. We are aware that advance tax payment will start a week later. We invariably monitor the situation.”

On capital inflows, Ms Gopinath said there was nothing that the central bank was “really concerned about”, especially with regard to stability on the external front.

As a matter of policy, she said, foreign direct investment (FDI) was welcome into the country.

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