- On February 1, 2021, Finance Minister Nirmala Sitharaman stated in her annual budget speech, “the government will announce a voluntary vehicle scrapping policy to phase out old and unfit vehicles.” She added, the move will help in encouraging fuel-efficient, environment-friendly vehicles, thereby reducing vehicular pollution and oil_import cost.
- On March 18, 2021, Nitin Gadkari, Minister for Road Transport & Highways, introduced the much-awaited vehicle scrappage scheme in the LokSabha. According to the new policy, commercial vehicles of >15 years and passenger vehicles of >20 years will have to be mandatorily scrapped if they do not pass the fitness and emission tests.
The Scrappage policy news announced during union budget made a rally in the stock to rise to 400 levels. But the price is seen cooled off afterwards forming a consolidating to 250 range waiting for a trigger to move up.
The Trigger for the new move is listed in Notes.
*Important Levels to Watch*
--Entry @ above 272
--Target @ 315
--SL @ 230
1. INDIA’S MSTC MARCH-QUARTER CONSOL PROFIT 758.3 MILLION RUPEES VERSUS PROFIT 47.1 MILLION RUPEES YEAR AGO (Source : Reuters)
2. MSTC MARCH-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 3.11 BILLION RUPEES VERSUS 1.94 BILLION RUPEES YEAR AGO (Source : Reuters)
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❗❗Disclosure : I am not a SEBI registered analyst. The information provided here is for education purposes only. I will not be responsible for any of your profit/loss with this suggestions. Consult your financial advisor or do your own analysis before taking any decision❗❗