Interim Budget 2019 Reaction - Commercial Vehicles (CVs) - Impact: Neutral

Mr. Shamsher Dewan, Vice President & Sector Head - Corporate Ratings - ICRA

The Commercial Vehicle (CV) sector will continue to reap benefits of Government's commitment towards increased allocation towards rural economy and infrastructure sector, especially development of roads & highways. These investments will not only support sales of vehicles used for providing last mile connectivity but will also be positive for tipper sales that constitute approximately 25-30% of M&HCV Truck sales in India and have registered healthy growth during the current fiscal.

Although the Government didn't announce any direct incentive program (under FAME) for adoption of EVs in public transport segment but recent reduction in import duty levied on auto components used for EVs and commitment towards EVs will be favourable going forward.

Shares of ICRA LTD. was last trading in BSE at Rs.3019.95 as compared to the previous close of Rs. 3019. The total number of shares traded during the day was 511 in over 13 trades.

The stock hit an intraday high of Rs. 3019.95 and intraday low of 2997. The net turnover during the day was Rs. 1531732.

Source : Equity Bulls

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