Jewellery stocks shine as government drafts new gold policy

Gayathri Udyawar
/ Categories: Trending, Markets

Even as the markets opening in red on Friday, the stocks of gold and jewellery makers were shining in anticipation of the announcement of a new gold policy.

 

The major highlights of the new draft policy for gold includes a demand for bank guarantees and a relaxation of GST applicable on jewellery exports. The finance ministry is also keen on setting up a Gold Board to address the issues faced by the sector.

 

Besides, the ndustry has requested the government to cut import duty applicable on gold, which is currently at 10 per cent. They have also been demanding more incentives under the government's Merchandise Exports from India Scheme (MEIS).

 

This move comes at a time when the government badly needs to promote exports to reduce the increasing fiscal deficit.

 

Reacting to the positive news, jewellery and gold stock were buzzing in early morning trade. The stock of Tribhovandas Bhimji Zaveri was trading at Rs. 60.40 per share, up by 7.19, Rajesh Exports was at Rs. 574.80 per share, up by 3.00 per cent and Golkunda Diamonds & Jewellery was at Rs. 13.00 up by 3.17 per cent. While PC Jeweller was at Rs. 58.00 per share, up 2.75%, followed by Thangamayil Jewellery at Rs. 351.00 per share, up 2.66 per cent. Lypsa Gems and Tara Jewels were also up 2 per cent on Friday.

Rate this article:
4.8

Leave a comment

Add comment

DSIJ MINDSHARE

Mkt Commentary3-Oct, 2023

Penny Stocks3-Oct, 2023

Mindshare3-Oct, 2023

Mindshare3-Oct, 2023

Bonus and Spilt Shares3-Oct, 2023

Knowledge

General30-Sep, 2023

General26-Sep, 2023

Technical25-Sep, 2023

DALAL STREET INVESTMENT JOURNAL - DEMOCRATIZING WEALTH CREATION

Investment in securities market are subject to market risks.Read all the related documents carefully before investing.
Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.