Overview
- Hyundai Motor India and the United Union of Hyundai Employees signed a 2024–2027 wage settlement that raises pay by Rs 31,000 per month.
- The increase is phased over three years in a 55%, 25%, 20% split and is effective from April 1, 2024 to March 31, 2027.
- The agreement primarily covers the technician/workmen cadre, with UUHE representing 1,981 members, or about 90% of that group.
- Employee welfare provisions, including health coverage and wellness programs, will continue under the new package.
- Shares rose roughly 1.8%–2% to 52-week highs near Rs 2,650–2,659 as MOFSL maintained a Buy rating and raised its target to Rs 2,979, citing eight model launches over FY26–27 and an export push, with volumes seen up 15% in FY27 after a soft FY26.