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Biz EOD: India's mission alloy wheels; discoms' dues to gencos near record high; govt tells firms to clear MSMEs' dues

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twitter-logoBusinessToday.In | October 19, 2020 | Updated 23:47 IST
Biz EOD: India's mission alloy wheels; discoms' dues to gencos near record high; govt tells firms to clear MSMEs' dues
Top stories from the world of business and economy

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:

1. BT Buzz: Mission Alloy wheels! The next import substitute from China

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

2. Despite cash infusion, discoms' dues to power companies near record high at Rs 1.33 lakh crore

Discoms in Rajasthan, Tamil Nadu, Uttar Pradesh, Karnataka, Maharashtra, J&K and Telangana account for 81 per cent of the total overdue to gencos.

3. 'Clear MSMEs' dues this month': govt tells 2,800 companies

Government feels if big companies clear their dues, MSMEs will be able to revive their business during festive season.

4. COVID-19 impact: Gem and jewellery exports fall 39.27% in April-September

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.

5. Sensex ends 448 points higher, Nifty at 11,873

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.

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