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Gitanjali locked at lower end of circuit filter
Gitanjali Gems continued to be locked at the lower end of the circuit filter for the 13th straight day as investors worried over the recent gold import restrictions.
It may be recalled that the Reserve Bank of India decided to restrict the import of gold on consignment basis by banks, nominated agencies/premier/star trading houses who have been permitted by Government of India, to import gold only to meet the genuine needs of the exporters of gold jewellery.
"It was advised that all Letters of Credit (LC) to be opened by Nominated Banks / Agencies for import of gold under all categories will be only on 100 per cent cash margin basis and imports of gold will necessarily have to be on Documents against Payment (DP) basis. Accordingly, gold imports on Documents against Acceptance (DA) basis will not be permitted," the RBI had said earlier in June.
In the past the stock of Gitanjali has hit a high of Rs 649 on the National Stock Exchange on 23rd April 2013, but has fallen sharply ever since.
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