will there be any chances?

MoM rarely discloses the reasons for rejection, and never says "Strict labor laws - want to protect local talent + wages". So this must have been your employer's opinion.
It is impossible, from the limited information you gave, to tell whether your employer's appeal has a chance or if you could get an EP elsewhere.

Thanks for your revert. No, my employer got this reason from Singapore Consulate.

This is the rejection note from consulate:

"This candidate does not qualify for an EP. An application like this might have been approved in the past. However, our criteria for EP have been tightened to protect local wages, ensure fair employment for Singaporeans and to manage our overall workforce numbers. You may wish to consider leaner manpower options or to recruit Singaporeans on Merit. IF you still choose this candidate, do consider if he is able to command a higher salary for the value he offers. Before you do so, check MOM to work out the right pay. Else please select a more qualified person"

Please advise now..!!!

Regards
Amit

O.k., so this is one of the standard answers from MoM (the consulate has nothing to do with EP applications and your company must have received this from MoM).
It means: You do not qualify with this salary, but probably do with a higher one.
Thus your company should raise the salary (after consulting MoM, as the letter suggests) and then appeal.

Hi amit.batra84,

Welcome to Expat.com!

Just to inform you that i created a new topic with your post on the Singapore forum.

Wish you good luck in your project.
Christine