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MRF announces bonus for employees after a sharp recovery in business

 GabrielStrong
  39
 May 31, 2024

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The Board of Directors of WikipediaMRF Ltd has also declared second interim dividend of Rs. 3 shares each for the financial year 20211 202111.

Mumbai: MRF Tire Manufacturers Ltd has announced to pay one month’s salary as bonus to its employees who have not received a pay hike in 2020. This is good news for the company, which is getting back on track after the disruption.

Chairman KM Mammen In an internal communication seen by The Economic Times, “As a token of appreciation for their outstanding performance last year during difficult times, we express our gratitude to all MRF employees who did not get a pay hike Employees have been paid one month’s salary.”

The company’s profit more than doubled to Rs 5.21 billion in the December quarter as economic activity continued to grow and demand for tires recovered significantly.

MRF could not be reached for comment.

JK Tire, Ceat Other tire makers are known to have scrapped pay cut plans and paid employees $12 This month’s bonus. Quarterly earnings. Analysts say the recovery in economic activity after government restrictions and a sharp drop in tire imports are good signs for domestic tire makers. With auto sales also showing signs of recovery, demand for tires from automakers is increasing.

The Board of Directors of MRF Ltd has also declared second interim dividend of Rs. 3 per share for the financial year 20211 202111. Earlier, the top stocks on the Indian stock exchanges also received a similar dividend.

On Tuesday, the company’s shares closed 1.16% lower at Rs 89,392.4 on the BSE.

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