Government mulls scrappage policy for two-wheelers; auto stocks gain

All the auto stocks in the BSE Auto index were trading higher after the announcement.

BCCL
Gadkari said that the government is trying to find out options for the scrapping of old scooter and motorcycles.
NEW DELHI: Auto stocks were trading higher after reports that the government is working on the scrappage policy for two-wheelers.

ETNow reported quoting Road Transport and Highways Minister Nitin Gadkari that the government is trying to find out options for the scrapping of old scooter and motorcycles.

“We are confident that within 5-6 years India will become a manufacturing hub for the automobile industry,” he said.


All the auto stocks in the BSE Auto index were trading higher after the announcement.

The index was trading 2.95 per cent up at 16,576 with beaten down Tata Motors gaining the most, up 7.63 per cent. It was followed by Motherson Sumi (up 4.69 per cent), TVS Motor (up 4.46 per cent), Maruti Suzuki (up 3.01 per cent) and Bajaj Auto (up 2.65 per cent).
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