Jewellery stocks jump 14 pc after govt cuts basic custom duty on gold, silver
The finance minister also provided for basic custom duty reduction on platinum to 6.4 per cent.
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NEW DELHI: 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 6.16 per cent to trade at Rs 1,000.80 apiece, Rajesh Exports surged 5.49 per cent to Rs 313.90 and PC Jeweller jumped 5 per cent to trade at Rs 74.16 -- also its upper circuit limit.
In addition, shares of Titan Company climbed 3.66 per cent to Rs 3,371.65 per piece, Tribhovandas Bhimhji Zaveri rose 2.79 per cent to Rs 140.20, and Kalyan Jewellers India gained 1.54 per cent to Rs 537.05 apiece on the bourse.
Meanwhile, the 30-share BSE Sensex benchmark dropped 996.53 points or 1.24 per cent to trade at 79,505.55.
The finance minister also provided for basic custom duty reduction on platinum to 6.4 per cent.
Sitharaman 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.