 "Jewellery stocks gain up to 9% after govt withdrawal of PMLA compliance")
Shares of jewellery 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 Jewellery and PC Jeweller 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.
PC Jeweller (up 7% to Rs 399) and Thangamayil Jewellery (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 jewellery 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 Jewellery Federation Chairman Nitin Kandelwal.
Titan Company, Tribhovandas Bhimji Zaveri (TBZ), Thangamayil Jewellery and PC Jeweller 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.
PC Jeweller (up 7% to Rs 399) and Thangamayil Jewellery (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 jewellery 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 Jewellery 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 |
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%