Jewellery Stocks Shine on RBI Move

Posted By: Super
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Mumbai, Feb 19 (PTI) Jewellery stocks were in limelight today on RBI relaxing gold import norms, surging over 6 per cent in an otherwise sluggish broader market.

    The Reserve Bank had yesterday lifted the ban on imports of gold coins and medallions by banks and trading houses, with restrictions.

    Jewellery Stocks Shine on RBI Move
    PC Jeweller: Quotes, News
    BSE 101.05BSE Quote4.05 (-4.01%)
    NSE 101.05NSE Quote3.9 (-3.86%)

    Following this, PC Jeweller surged 6.17 per cent, Gitanjali Gems 5.9 per cent, Tribhovandas Bhimji Zaveri 5.41 per cent and Titan Company gaining 2.8 per cent on the BSE. The RBI had in a notification yesterday said banks are permitted to import gold on consignment basis.

    However, domestic sales will be permitted against upfront payment only. Banks are free to grant gold metal loans, it had said.

    "While the import of gold coins and medallions will no longer be prohibited, pending further review, the restrictions on banks in selling gold coins and medallions are not being removed," it had said.

    India is the largest importer of gold, which is mainly utilised to meet the demand of jewellery industry.

    PTI

    Read more about: rbi
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more