Soon government nod to vehicle scrapping policy:
Union Minister Nitin Gadkari said on Friday, that the much-awaited policy to scrap 15 years old vehicles is likely to get a government nod soon. The policy is for the scrapping of vehicles that are more than 15 years old and includes cars, trucks, and buses. This policy boosted the automobile sector by phasing out old and polluting vehicles. Mr. Gadkari said if the policy is approved, India will become an automobile hub and the prices of vehicles also reduce by using recycled materials from old vehicles.
India considers easing rules on construction sector to attract the FDI :
India easing foreign investment rules for sectors ranging from construction to animation to lure overseas capital needed to create jobs. A proposal to allow through LLP models to invest in the construction of townships, roads, hotels, and hospitals is under discussion. In the budget, they also discuss 100% FDI in animation, visual effects, gaming, and the comic sector. The government estimates that India will require investment worth $777 billion across infrastructure development by 2022. This relaxation in rules is also likely to help the Modi government get closer to its target of creating affordable housing for all urban areas by 2022 and building smart cities.
Apple record sales in India in Last quarter of 2020
Apple had a record quarterly sales in India, crossed 1.5 million shipments in a single quarter for the first time ever, driven by the newly launched iPhone 12 and iPhone SE 2020. It’s the best year for Apple in India as annual sales volume exceeded 3.2 million in 2020, a 60% growth over 2019 sales.
Reliance Industries Share plunge 6%
The country’s most- valuable firm on Friday reported a record quarterly profit for the quarter ended on December 31, 2020, by 13% YOY growth in net profit to Rs. 13100 crore but they didn’t disclose gross refining margins, which accounts for about 70 percent of revenue in their business. The reason for this miss is difficult to ascertain, we reckon it was largely due to sustained refining weakness.
Steel prices will stabilize when global prices come down
JSW Steel joint managing director Seshagiri Rao said, steel price will stabilize once the global rates of steel come down. During the first quarter, steel industry losses were around Rs. 6000 crore and in December there was an increase in demand and price increased by 119%. Rao said government-aided large infrastructure projects were guiding current steel dem and along with a sharp pick-up in the two-wheeler, commercial vehicle, and tractor segments. Due to continuing government projects, they are accepting the same demand next year too.