business

Budget 2024: Jewellery stocks surge after government cuts basic custom duty on gold, silver

On Jul 23, 2024 By PTI

Shares of gold and jewellery retailers surged on July 23 after Finance Minister Nirmala Sitharaman said the government will reduce the basic customs duty on the yellow metal and silver to 6%.

On the BSE, the stock of Senco Gold zoomed 6.16% to trade at ₹1,000.80 apiece, Rajesh Exports surged 5.49% to ₹313.90 and PC Jeweller jumped 5% to trade at ₹74.16 — also its upper circuit limit.

Also Read | Union Budget 2024 LIVE Updates

In addition, shares of Titan Company climbed 3.66% to ₹3,371.65 per piece, Tribhovandas Bhimhji Zaveri rose 2.79% to ₹140.20, and Kalyan Jewellers India gained 1.54% to ₹537.05 apiece on the bourse.

Meanwhile, the 30-share BSE Sensex benchmark dropped 996.53 points or 1.24% to trade at 79,505.55.

The Finance Minister also provided for basic custom duty reduction on platinum to 6.4%.

Ms. Sitharaman also proposed the removal of basic customs duty on ferro nickel and blister copper.

The reduction in basic customs duty on gold, silver and platinum has been a long pending demand of the gems and jewellery industry.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.