Jewellery stocks rally after RBI eases gold import norms
Source: IRIS | 22 May, 2014, 09.48AM
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Domestic Jewellery stocks rallied on Thursday after the Reserve Bank of India (RBI) on Wednesday eased gold import rules by allowing select trading houses, in addition to already permitted banks, to procure gold to boost exports. Shares of TBZ jumped with gain of 19.96%, followed by PC Jeweller (19.59%), Gitanjali Gems (11.93%) and Rajesh Exports (11.1%). 'Star trading houses/premier trading houses (STH/PTH), which are registered as nominated agencies by the Director General of Foreign Trade (DGFT), may now import gold under 20:80 scheme,' the central bank said in a notification.
'Taking into account such representations and in consultations with the Government of India, it has been decided to modify the guidelines for import of gold by the nominated banks/agencies/entities,' the RBI said.
| Company | Last Traded
Price | Change in % | | | | TBZ | 191.75 | 19.96 | | | | PC Jeweller | 123.9 | 19.59 | | | | Gitanjali Gems | 102.3 | 11.93 | | | | Rajesh Exports | 142.1 | 11.1 | | | | Titan Company | 330.45 | 6.55 | | | | Shree Ganesh Jewellery | 39.9 | 5 | | | | Goenka Diamond | 4.45 | 4.95 | | | | | | | | | | | | | | |
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