Titan Company Ltd.

Shares of jewellery companies tanked as interim budget, announced by the Finance Minister P.Chidambaram on Monday failed to give any sops to the sector. Most of these stocks were trading in green in early morning deals on expectations of a relaxation of the gold import norms, including the 80:20 rule.

Titan Company is currently trading at Rs. 228.85, down by 2.75 points or 1.19% from its previous closing of Rs. 231.60 on the BSE. The scrip opened at Rs. 233.40 and has touched a high and low of Rs. 236.25 and Rs. 225.50 respectively. So far 242083 shares were traded on the counter.

Gitanjali Gems is currently trading at Rs. 64.80, down by 0.25 points or 0.38% from its previous closing of Rs. 65.05 on the BSE. The scrip opened at Rs. 64.85 and has touched a high and low of Rs. 68.50 and Rs. 64.00 respectively. So far 530527 shares were traded on the counter.

Renaissance Jewellery is currently trading at Rs. 60.00, down by 0.80 points or 1.32% from its previous closing of Rs. 60.80 on the BSE. The scrip opened at Rs. 62.30 and has touched a high and low of Rs. 62.45 and Rs. 59.15 respectively. So far 2089 shares were traded on the counter.

In a related development, seeking to restrict gold imports, the Reserve Bank of India (RBI) has barred nominated banks and agencies from importing the precious metal in excess of their entitlements in first or second lot under the 80:20 schemes. As per RBI’s notification, import of gold in the third lot onwards should be lesser of the two-five times the export for which proof has been submitted or quantity of gold permitted to a nominated agency in the first or second lot.