Transport department, NITI Aayog to hold meeting on scrappage policy, battery swapping; MSTC to remain in focus, says Anil Singhvi

An Interdepartmental meeting is set to be held on February 9 to discuss the plan on expanding of Vehicle Scrappage Policy, and to mull over the formula of the new Battery Swapping Policy that was introduced in Budget 2022. 

The transport department will be giving a presentation to the Finance Ministry, Ministry of Heavy Industries, and NITI AAYOG. 

The presentation will focus on ways to decrease the dependency on fossil fuel, Vehicle Scrappage Policy, and the new Battery Swapping Policy.

A report published by NITI Aayog stresses adoption of Electric Vehicles (EV) by 2023 EV. 

Apart from this, the report also said that there's a need to introduce a new policy to promote EVs.

The announcements made by Finance Minister Nirmala Sitharaman while tabling the Budget 2022 makes this upcoming meeting crucial. 

Moreover, NITI AAYOG has also given the target of replacing conventional vehicles with EVs by 70 per cent of the government-held vehicles by 2050.

For this, NITI AAYOG and the Department of Transportation is prepared with their respective reports and presentation.

So far, the scrappage policy is mainly focused on the steel and auto sector. This meeting will decide what other sectors will come into focus within this policy.

The battery swapping presentation's focus will be on increasing the interconvertibility, changing of designs, and scope of infra modifications. 

Anil Singhvi said that since the focus is going to be battery swapping policy vehicle scrappage in the interdepartmental meeting. 

It is recommended to invest in MSTC Ltd. It is likely that the share can move up on a short-term basis. However, it may soon reach up to Rs 365 - Rs 370 and beyond. He recommends investors to hold their positions. 

Another stock, according to him, is TATA Powers, which is expected to perform well in the market.

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