Shares of six automakers advanced after the central government proposed voluntary vehicle scrappage policy for the country.
Mahindra & Mahindra (up 1.81%), Tata Motors (up 1.33%), Maruti Suzuki (up 1.18%), Ashok Leyland (up 1.13%), Bajaj Auto (up 0.88%) and Hero MotoCorp (up 0.21%) advanced.
Presenting the Union Budget 2021, Finance Minister Nirmala Sitharaman said a voluntary scrappage policy for vehicles will be launched, aimed at reducing vehicular pollution. Vehicles would undergo fitness test after 20 years for personal vehicles, 15 years for commercial vehicles.
The FM further informed that a new scheme would be launched to support augmentation of public bus transport. The government would provide Rs 18,000 crore to support the bus transport scheme.
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