Auto, pharma firms to be hit hard by cap on MEIS benefits

a truck is parked in front of a building: However, exporters have highlighted that these 2% exporters account for a substantial chnuk of the exports covered under the MEIS.

© Provided by The Financial Express
However, exporters have highlighted that these 2% exporters account for a substantial chnuk of the exports covered under the MEIS.

The government’s decision to cap benefits under a key scheme at just Rs 2 crore per exporter during the September-December period of this fiscal will likely hit the pharma and auto industries hard, as some of the large companies in these sectors have generally been among the biggest beneficiaries, raking in export benefits of hundreds of crores of rupees each.

While company-wise data aren’t available in the public domain, sources told FE that firms that received maximum benefits under the Merchandise Export From India Scheme (MEIS) in FY18 included JSW Steel (Rs 302 crore), Ford India (Rs 273 crore), Bajaj Auto (Rs 247 crore), Dr Reddy’s (Rs 241 crore), Aurobindo Pharma (Rs 211 crore), Mylan Lab (`193 crore), Hyundai Motor India (Rs 189 crore),

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Used car value growth ‘not sustainable in the long-term’ says Cap HPI

Cap HPI’s head of valuations has said that the continued growth in used car values is “not sustainable in the long-term” – but may continue into 2021.

Speaking after the valuations specialist’s market data indicated a marginal 0.4% (£65) increase in values in its benchmark three-year, 60,000-miles market sample, Martin reiterated his opinion that the upward trajectory would falter.

Back in August Martin told AM that used car values could be on course for a similar “market correction” to that seen in May last year as increased vehicle supply and faltering consumer confidence – a result of the ongoing COVID-19 mitigation measures – started to show their effect.

Today (September 28) he said that there was currently “no evidence of a dip”, however, suggesting that any easing of prices may not happen until the New Year.

He said: “Whatever new car volume September brings, more of the part exchanges than

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Tesla share losses mount after $50 billion drop in market cap on Battery Day after Musk flags delay to cheaper cars

  • Tesla lost around $50 billion of its value after founder Elon Musk said  it would take until 2022 for Tuesday’s “Battery Day” announcements to reach high-volume production
  • Tesla closed 6% lower on Tuesday and a further 7% in after hours trading. 
  • Musk said he is eyeing a cheaper vehicle with a target price of $25,000, and planning to build 20 million vehicles. 
  • Visit Business Insider’s homepage for more stories.

Shares in electric vehicle maker Tesla fell by 5% in pre-market trading on Wednesday, a day after the company saw $50 billion disappear from its market value following its annual”Battery Day” at which founder Elon Musk said customers would have to wait another couple of years for cheaper cars.

At the company’s annual shareholder gathering on Tuesday, Musk announced plans to build a cheap electric car with a price tag of $25,000 that will use significantly cheaper

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