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

    Synopsis

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

    Nitin-Gadkari-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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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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