Jewellery companies shares surge as jewellers resume operations

By: |
New Delhi | April 12, 2016 10:59 AM

Shares of jewellery makers gained on Tuesday after they reopened shops on Monday following nearly six weeks of protest.

jewellers strike, jewellery stocks, bse sensex, nse niftyShares of jewellery makers gained on Tuesday after they reopened shops on Monday following nearly six weeks of protest. (Express Photo)

Shares of jewellery makers gained on Tuesday after they reopened shops on Monday following nearly six weeks of protest. Jewellers went on an indefinite strike at the start of March to protest against the proposed excise tax. The strike was later called off on assurances from the excise department that it would not “harass” jewellers.

Cheering the news, shares of Tribhovandas Bhimji Zaveri, Titan Company and PC Jeweller surged as much as 7.8 per cent, 2.74 per cent and 6.37 per cent respectively. Gitanjali Gems shares advanced over 4 per cent in morning trade.

On Monday, jewellers from West Bengal decided to start operations. Jewellery shops in Tamil Nadu, Kerala and Andhra Pradesh opened last month.

“By end of this week nearly all jewellery shops will open,” said a Mumbai-based dealer with a private bank.

(With inputs from Reuters)

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