Shares of nine auto makers rose by 0.31% to 7.67% on hopes that Cabinet Committee on Economic Affairs (CCEA) may approve the scrappage policy.
SML Isuzu (up 7.67%), TVS Motors Company (up 3.25%), Maruti Suzuki India (up 1.72%), Tata Motors (up 1.71%), Ashok Leyland (up 1.11%), Mahindra and Mahindra (up 0.74%), Bajaj Auto (up 0.7%), Eicher Motors (up 0.68%) and Hero MotoCorp (up 0.31%) were the biggest gainers in auto segment.
The Ministry of Road Transport and Highways told the National Green Tribunal on 19 November 2019 that draft guidelines for setting up and operating vehicle scrapping centres has been prepared and uploaded on its website seeking public comments.
A scrappage policy is a government-funded programme to promote the replacement of old vehicles with modern ones. In August 2019, the Ministry of Road Transport and Highways proposed a draft policy that buyers would not have to pay a registration fee for their new vehicles if they provide valid scrapping issued by an "authorised scrapping agency".
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