Voluntary lockdown: Hero MotoCorp to halt operations for 10 days amid surge in Covid cases
India’s largest two-wheeler manufacturing company Hero MotoCorp is all set to order a temporary suspension of manufacturing operations as a precautionary measure amid the surge in Covid cases in the country, the company said in its filing to exchanges on Tuesday.
In its official communiqué, the auto company said, “Hero MotoCorp has decided to proactively halt operations temporarily at all of its manufacturing facilities across the country, including its Global Parts Center (GPC), in view of the ongoing escalation in the spread of Covid-19 across the country.”
The company took this decision in keeping with its commitment to the safety and welfare of its people and employees across the board.
The company will utilize these shut-down days to carry out necessary maintenance work in the manufacturing plants, it said. Adding further, “The shutdown will not impact the company’s ability to meet the demand, which has been impacted due to localized shut-downs in many states.”
The production loss will be compensated during the remainder of the quarter and all plants will resume normal operations post this short shutdown period, it said in a statement.
Explaining the period of the temporary halt, Hero Moto said, “Each plant and GPC will remain shut for four days, in a staggered manner between April 22 to May 1, 2021, basis the local scenario.”
All corporate offices of the company are already in Work from Home (WFH) mode and very limited colleagues are in offices on a rotation basis for the continuity of essential services, it further said.
Hero MotoCorp become the first company to voluntarily shut its operation for almost a 10-day period amid the second wave concerns in India. On an everyday basis, the country is reporting over 2.5 lakh covid cases, increasing the concerns of the people, businesses, and the government.
It will be seen, during Thursday’s trade, how investors react to this temporary and voluntary shutdown of the company. Hero MotoCorp shares on Tuesday were traded over one per cent higher at Rs 2824. The Q4 results of the company are also scheduled in the next month on May 6, 2021.
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