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Jewellery stocks shine, welcome GST rate on gold

Author: IANS/Monday, June 5, 2017/Categories: TRACKING THE GST, Markets

Jewellery stocks shine, welcome GST rate on gold

Mumbai, June 5 (IANS) - With the Goods and Services Tax (GST) rate fixed at three% for gold, stocks of gems and jewellery companies like PC Jeweller, Titan, Tribhovandas Bhimji Zaveri (TBZ), Gitanjali Gems and Tara Jewels shone and hit fresh highs on June 5. Around 2.10 p.m., shares of Delhi-based PC Jeweller traded higher by 10.96% at Rs 558.20 per share on the BSE. Scrips of Titan Company led the rally by trading at Rs 555.35 per share -- up 17.60% -- followed by TBZ (up 6.51% at Rs 99 per share), Tara Jewels (up 5.25% at Rs 30.05 per share) and Gitanjali Gems (up five% at Rs 70.40 per share).
 
However, shares of gold and diamond jewellery manufacturer Rajesh Exports traded lower by 0.54% at Rs 649 per share. "Shares of jewellery stocks surged after the tax on gold and jewellery was fixed at three%, which is lower than the expectation of 5%. On an average, jewellery stocks have gained more than six%," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, said. "With the implementation of GST, compliance level will increase which will benefit the organised sector against the unorganised sector. So the surge in prices is factoring better-than-expected tax rate and level playing field for organised sector against the unorganised sector," Desai said.

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S Vijaykrishnan
S Vijaykrishnan

IANS

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