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Jewellery stocks gain up to 9% after govt withdrawal of PMLA compliance

Titan Company, TBZ, Thangamayil Jewellery and PC Jeweller were up in the range of 3% to 9% on BSE

SI Reporter  |  Mumbai 

Titan

Shares of companies were trading higher by up to 9% on BSE in early morning trade on expectation of revival in sales after the government revoked an order that mandated PAN and Aadhaar cards for purchases above Rs 50,000.

Titan Company, Tribhovandas Bhimji Zaveri (TBZ), Thangamayil and were up in the range of 3% to 9% on BSE. On comparison, the benchmark S&P BSE Sensex was up 0.28% at 31,904 points at 09:49 AM.

(up 7% to Rs 399) and Thangamayil (up 5% at Rs 419) hit their respective record highs on the BSE in intra-day trade.

The government had on Friday reversed its August order of bringing gems and dealers under the purview of the reporting requirement of the Prevention of Money Laundering Act (PMLA), the PTI report suggests. CLICK HERE TO READ FULL REPORT.

Higher sales are expected on Dhanteras to be celebrated on October 17 this year. Dhanteras is considered to be an auspicious day for buying gold, silver and other valuables and is largely celebrated in North and West India.

"This is a big relief and there could not have been a better Diwali gift than this for both jewellers and consumers," the PTI report suggests quoting All India Gems and Federation Chairman Nitin Kandelwal.

COMPANY LATEST PREV CLOSE GAIN(%)
TARA JEWELS 30.85 28.50 8.25
T B Z 127.90 121.35 5.40
THANGAMAYIL JEW. 418.95 399.00 5.00
TITAN COMPANY 623.55 597.00 4.45
GITANJALI GEMS 73.00 69.90 4.43
RADHIKA JEWEL. 18.00 17.25 4.35
GOLDIAM INTL. 80.85 78.25 3.32
PC JEWELLER 385.80 373.85 3.20
RENAISSANCE JEW. 178.80 173.45 3.08

First Published: Mon, October 09 2017. 09:58 IST
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