Out of the total alloy wheel aftermarket, the domestic manufacturers share is around 25-30 per cent only. Balance 70-75 per cent requirement is catered by imports directly in the form of wheels, majorly from China. Power distribution companies' (discoms) pending dues to power generation companies (gencos) have grown 40 per cent year-on-year to nearly Rs 1.2 lakh crore as of August. The government has written to the top management of 2,800 companies to clear pending dues of MSMEs this month. Read for more top stories from the world of business and economy:
Local manufacturers to crank up alloy wheel capacity to tap a thriving market; of the annual requirement of 26 million alloy wheels in India, almost 46 per cent was imported mostly from China in FY20 due to lack of domestic supply
Discoms in Rajasthan, Tamil Nadu, Uttar Pradesh, Karnataka, Maharashtra, J&K and Telangana account for 81 per cent of the total overdue to gencos.
Government feels if big companies clear their dues, MSMEs will be able to revive their business during festive season.
Total gold jewellery exports in the April-September 2020 were worth Rs 9,926.57 crore, 64.48 percent less than the Rs 43,425.22 crore exported through all ports in the same period, last year.
Besides positive global markets, investors were also buoyed over the September quarter earnings season, that will further help in providing a clear picture of the disruption caused by the coronavirus pandemic-induced lockdown.