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As On 05-Mar-2021 EOD, Market Closed
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  • Automobiles: Players expecting strong boost from budget 2020

    The year 2019 was the toughest year for the Indian automobile industry. The industry witnessed a severe slump in sales which affected almost all vehicle manufacturers in the country. The reasons for the slowdown includes the low consumer sentiments, transition to BS-VI emission standards, new axel norms etc. As PM-Narendra Modi led government is set to announce its first full budget of second term on Feb 1, 2020, the Auto industry players are hoping that Finance Ministry Nirmala Sitharaman would announce favorable policies and incentives which will help to boost the sector.

    The industry players are expecting that government should take more efforts to promote EVs in India among both public transport and private consumers. To put EVs on road, the government should come up with more favorable policies, incentives and infrastructure. Also, they should provide incentives to stakeholders for sourcing critical raw materials for EV battery manufacturing in India. This will provide a strong EV-centric ecosystem.

    The manufacturers are also expecting reduction in GST which will encourage foreign investors to invest more in Indian startups. They also expect government to provide startups with no capital-gain tax and no dividend enabling companies funded by VCs to invest more in their R&D or founders to have great incentive. The government should also allow Indian companies to be listed directly in Foreign Stock Exchange without having to necessarily get listed in the country. Also, the requesting for a single window for all the registrations like company incorporation, shop establishment, GST registrations etc. along with the company registration, that will help save time, efforts, and money considerably.

    As the country is going to adopt the BS-VI norm, which will eventually lead to price escalation, to compensate it, the Government should significantly reduce GST on automobiles. Besides, to boost market demand, the interest rate should be lowered on car, bike, and personal loans. Also, the industry seeks softer road and transport policies to overcome the existing slowdown.

    Considering the increasing level of air pollution in the country, identifying and implementing new and sustainable fuels is the need of the hour. Hence usage of biodiesel not only in automobiles, residential generators but also in industrial use typically brings a reduction in greenhouse gases from 75-90 per cent everywhere relative to fossil diesel. Thus, dedicated funds must be allocated for developing the infrastructure for such biodiesel producing units.

    Outlook

    The Indian auto industry is witnessing a prolonged slump, recording worst decline in its sales in two decades in 2019. Companies are facing the inventory issues and in some cases job cuts as well. To boost the auto sector, SIAM (Society of Indian Automobile Manufacturers) requested the government for an incentive-based vehicle scrappage policy for removal of the old and polluting vehicles, registered between 1st April 1995 and 31st March 2005, from the Indian roads. They also urged the government to increase Budget allocation for ICE bus procurement by State transport undertakings. They also requested government to reduce GST rates for BS-VI vehicles from 28% to 18%. Hence, auto industry has been seeking government support by reducing the burden of transition to BS-VI with lower GST rate.

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Flash News 05-Mar-2021
  •  ( 15:55) Shilpa Medicare gets USFDA nod for arthritis drug  
  •  ( 15:54) Sun Pharma subsidiary to acquire 12.5% stake in WRS Bioproducts  
  •  ( 15:54) Indiabulls Housing allots $150 million foreign currency convertible bonds  
  •  ( 15:54) European shares trading lower  
  •  ( 15:53) Asian markts close on a negative note  
  •  ( 15:53) Nifty closes below 15,000 mark  
  •  ( 15:53) Coal India declares second interim dividend  
  •  ( 15:52) Sensex drops 440 pts amid weak global cues, firm crude oil prices  
  •  ( 14:13) BEML appoints Deloitte Haskins & Sells LPP as consultant for demerger of non-core assets  
  •  ( 13:35) The Nifty index holds its 15,000 mark  
  •  ( 13:34) Indices experience intense volatility; metal and bank stocks in demand  
  •  ( 11:34) PVR launches 6-screen property in Forum Centre City Mall, Mysuru  
  •  ( 11:28) Equity indices trade sideways with losses  
  •  ( 10:49) PNB Housing Finance, Yes Bank join hands to offer customized retail loans  
  •  ( 10:10) Heranba Industries lists at Rs 900 per share vs issue price of Rs 627 apiece  
  •  ( 09:52) Dilip Buildcon receives LoA for two Karnataka-based projects  
  •  ( 09:45) BCPL Railway Infrastructure bags a LoA from Railway Vikas Nigam  
  •  ( 09:29) Positive market breadth  
  •  ( 09:25) Nifty drops below 15,000   
  •  ( 09:24) ISGEC Heavy Engg. secures a deal from Shree Cement to set up boilers  
  •  ( 09:22) Wipro acquires London-based Capco for $1.45 billion  
  •  ( 09:19) Market trading lower in early trade  
  •  ( 08:15) OPEC+ extends most oil output cuts into April  
  •  ( 08:09) US stocks drop on Thursday as Powell fails to ease rate fears  
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05 March 2021 00:00
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