Jewellery Stocks Fall As Govt Hike Import Tax On Gold, Titan Falls 2.90%

The government in India has announced a hike in the import tax on gold from current 7.5% t0 12.5% here on Friday. The high demand of the yellow metal from India has put it in the category of world second biggest consumer. The government has announced the import duty hike on gold in an effort to reduce the demand of gold.

India has been meeting most of its demand for the precious metal via import that had generated pressure on Rupee which had touched its new low today.

The India Rupee had opened flat at 78.97 per dollar however it soon hit a record low of 79.11 on Friday against previous day's close of 78.97. This is for the first time that Rupee touched a new low of 79.11 in opening trade today.

The surge in gold import tax has come at a time when India is witnessing widening current account-the broadest measure of trade.

According to World Gold Council, India had imported maximum gold in 10 years in the year 2021 and purchase of the yellow metal has gone up.

As government has hiked import tax on gold, leading jewellery stocks have witnessed a decline. Check the jewellery stocks that have fallen:

Titan Company Ltd

The stock has fallen 2.90% at Rs 1886 apiece at 11.58 am. The stock has touched the 52-week high of Rs 2768 apiece and 52-week low of 1662 apiece. Titan is widely known for transforming the watch and jewellery industry in India and for shaping India's retail market by pioneering experiential retail.

Kalyan Jewellers India Ltd

The current market price of the stock is Rs 59.85 with a decline of 0.17%. It has touched its 52-week high of Rs 83.60 apiece and 52-week low of Rs 55 apiece. Kalyan jewellers offers diamond and gold jewellery with wide varieties of collections.

Rajesh Exports Ltd

The current market price of the stock is Rs 622 apiece with a decline of 0.58%. Rajesh Exports Limited was incorporated in 1989. The company is a global leader in the Gold business.