Waiting period for SUVs stretches

Good morning, people!

Markets could remain under some stress as investors await the RBI’s monetary policy review. Additionally, Covid cases are also seeing a sudden uptick. What will come of the markets today? We’ll find out shortly. Till then, here are the top stories to begin the day.

For more updates on F&O, click here.

⭐ Wait time for SUVs increases 🚙

After you purchase a car at a showroom, you typically have to wait a few months to have it delivered to you. However, amid a semiconductor shortage, the wait times for popular SUVs like the Mahindra XUV700 have gone up to 2 years! According to the Society of Indian Automobile Manufacturers (SIAM), the supply shortage is likely to continue for “some time”.

⭐ MoD nod for military projects 🚀

In a boost to the ‘Make in India’ mission, the defence ministry approved the procurement of military equipment and modernisation projects worth ₹76,390 crore from domestic industries. The Defence Acquisition Council, headed by the defence minister, has given a go ahead for the procurement of next generation corvettes for the Indian Navy at an estimated cost of around ₹36,000 crore.

⭐ EPFO to hike equity investment? 💰

As per a report, the Employees’ Provident Fund Organisation is considering a proposal to hike its equity investment limit to 25% from 15%. The higher exposure to stocks is expected to help bridge the shortfall in returns from debt securities. The equity investment will be first raised to 20% in the first phase and then to 25% in the second phase.

Global markets (at 7:30 AM today)

Fact of the day

The Unique Identification Authority of India is training postmen to provide door-to-door Aadhaar card enrolment and updating services. 

Source: ET

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