Prices of jewellery stocks surged on Monday after the Goods and Services Tax Council finalised the GST rate to be levied on gold at 3%. The indirect tax rate for jewellery is slightly higher at 3% than existing rate of around 2% but lower than the anticipated 5% rate. Titan ended 16.97% higher at Rs 552.40 per share; the stock hit a 52-week high on Monday in intra-day trade at Rs 566.70 a share.
Shares of PC Jeweller surged 9.38%, closing the session at Rs 550.25 each on the BSE. Tribhovandas Bhimji Zaveri, Tata Jewels and Gitanjali Jems were among the biggest gainers. The price of these stocks rose anywhere between 3% and 17%.