Jewellery stocks tank, Titan Industry slumps 14 pct on RBI measures

Aug 16 2013, 12:39 IST
Comments 0
Customs duty on gold, silver and platinum was hiked to 10 per cent on Tuesday. (AP) Customs duty on gold, silver and platinum was hiked to 10 per cent on Tuesday. (AP)
SummaryThe latest measures are part of the series of steps taken to curb gold import, the single biggest contributor to the widening CAD.

Led by Titan Industries, jewellery stocks today tanked as much as 14 per cent, after the Reserve Bank prohibited inward shipment of gold coins, medallions and dores without licence and said importers will be required to make full upfront payment for the shipments.

Check Live

Stocks

Reacting to this, shares of Titan Industries slumped 14 per cent to Rs 235 on the BSE in morning trade.

Stocks: Top Gainers/Top Losers

Similarly, PC Jeweller Ltd tanked 5.83 per cent, while Tribhovandas Bhimji Zaveri Ltd tumbled 6 per cent.

Among others, Rajesh Exports was down 3.69 per cent and Thangamayil Jewellery fell 1.15 per cent.

Seeking to reduce the import of gold, the Reserve Bank had on Wednesday prohibited inward shipment of gold coins, medallions and dores without licence.

Search: India Inc A, B,C

"From now onwards, import of gold in the form of coins and medallions is prohibited and henceforth all import of gold in any form or purity shall be subject to a licence issued by DGFT prescribing 20-80 scheme," Economic Affairs Secretary Arvind Mayaram had said.

The latest measures are part of the series of steps taken to curb gold import, the single biggest contributor to the widening Current Account Deficit (CAD).

Also importers will be required to make full upfront payment for the shipments.

Customs duty on gold, silver and platinum was hiked to 10 per cent on Tuesday.

Meanwhile, the broader market was weak with the Sensex falling 530.27 points to 18,836.31 in late morning trade.

Ads by Google

More from Business

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...