Rajesh Exports shares touched a fresh high of Rs 593 on Wednesday on rising gold prices amid hopes that it will post a robust Q1 results. The company will announce its April-June quarter results on Thursday.
At 12.04 pm, the share price of Rajesh Exports were trading 6.97 per cent higher at Rs 583. It opened at Rs 549.95 and has touched a high and low of Rs 593 and 535.40, in trade so far. The BSE Sensex was trading 0.33 per cent down at 27,774.75.
Gold prices gained for a fifth session in a row on Wednesday to trade near a three-week high, benefiting from weaker equities after China’s devaluation of the yuan. Spot gold was up 0.2 per cent at $1,110.80 an ounce by 0231 GMT, after peaking at $1,119 on Tuesday, its highest since July 20.
Rajesh Exports bought world’s largest gold refiner Valcambi for $400 million last month.
India’s jewellery exports can quintuple to $40 billion if controls tightened.
The scrip closed 6.01 per cent higher at Rs 577.75.
(With inputs from Reuters)