Shares of gold and jewellery retailers surged on Tuesday after Finance Minister Nirmala Sitharaman said the Government will reduce the basic customs duty on the yellow metal and silver to 6 per cent.
On the BSE, the stock of Senco Gold zoomed 8.18 per cent to trade at ₹1,018.60 apiece, Rajesh Exports surged 3.65 per cent to ₹308.50 and PC Jeweller jumped 5 per cent to hit the upper band at ₹74.16.
In addition, shares of Titan Company rallied 6.01 per cent to ₹3,450 , Tribhovandas Bhimhji Zaveri rose 9.49 per cent to 149.40 , and Kalyan Jewellers India gained 1.81 per cent to ₹538.90.
The Finance Minister also provided for basic custom duty reduction on platinum to 6.4 per cent.
She also proposed the removal of basic customs duty on ferro nickel and blister copper.
The reduction in basic customs duty on gold, silver and platinum has been a long pending demand of the gems and jewellery industry.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.