Tuesday, July 23, 2013

Jewellery stocks rebound after initial dip; PCJ soars 19 per cent

MUMBAI: 23 Jul, 2013(7STARNEWS)Jewellery stocks, which initially came under selling pressure today on fresh curbs by RBI on gold imports, scripted a smart recovery with PC Jeweller, Tribhovandas Bhimji Zaveri and Titan IndustriesBSE 5.85 % shares ending 6-19 per cent higher.

PC Jeweller, after falling 3 per cent in its opening trade, recouped the losses and ended 18.7 per cent higher on the BSE.

Shares of Shree Ganesh Jewellery House zoomed up 11.61 per cent, while Tribhovandas Bhimji Zaveri surged 6.29 per cent and Titan Industries climbed 5.85 per cent.

\"Gold stocks today rebounded amid firm gold prices,\" an expert said.

\"Titan rose on the back of short-covering, while for others it was sentimental rally on gold recovery,\" said Kishor Ostwal, CMD, CNI Research.

Gold today shot up by Rs 685 to hit an over one-month high of Rs 28,365 per 10 grams in the national capital region on brisk buying following the RBI imposing fresh import norms.

Meanwhile, seeking to tighten gold imports in the face of a widening CAD, the Reserve Bank yesterday set stringent conditions for importers, linking inward shipments to future exports, a decision that will make it costlier.

Under a notification issued by the RBI, banks and authorised agencies will have to ensure that at least 20 per cent of imported gold is made available for exports.

The importers, it said, will be required to keep 20 per cent of the consignment with customs bonded warehouses.

News From: http://www.7StarNews.com

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