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MSTC shares surge 7% on scrappage incentives in new Delhi EV policy 2026, extend one-month rally to 57%
MSTC shares surge 7% on scrappage incentives in new Delhi EV policy 2026, extend one-month rally to 57%
About this update from Mstc Ltd.
MSTC shares rose more than 6 percent on Monday after the Delhi government approved the Delhi EV Policy 2026, which offers scrappage incentives along with purchase subsidies to encourage the adoption of electric vehicles.The company is involved in handling scraps, old plant & machinery, surplus stores, and real estate. It's a mini ratna category-I PSU under the administrative control of the Ministry of Steel, Government of India.MSTC stock settled at Rs 689.80 per shaer on the NSE, up 6.55 percent.The Delhi government on Monday approved the Delhi EV Policy 2026, which will remain in force until March 31, 2030. The policy focuses on scrappage incentives and purchase subsidies to accelerate the replacement of older, polluting vehicles with zero-emission alternatives.Under the policy, owners replacing BS-IV or older two-wheelers with electric vehicles will be eligible for an additional scrappage incentive of Rs 10,000. Three-wheeler owners will receive Rs 25,000, while owners of N1 commercial trucks will be eligible for up to Rs 50,000.Owners of BS-IV or older four-wheelers switching to electric cars will receive a scrappage incentive of Rs 1 lakh. These incentives will be available in addition to the purchase subsidies announced under the policy.The government has also announced a 100 percent exemption from road tax and registration fees for all pure electric vehicles. For four-wheelers, the exemption will be available for vehicles with an ex-showroom price of up to Rs 30 lakh.The policy also targets the installation of 32,000 public EV charging points and provides for phased mandates for electric commercial vehicles, two-wheelers and institutional fleets as part of efforts to reduce vehicular emissions and improve air quality in the national capital.Shares of MSTC have gained 56.63 percent over the past one month, according to BSE Analytics.The buying in the stock started after the Union Cabinet, in early June, approved a scheme for the replacement of old trucks and buses in the Delhi-NCR area.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.