Titan Ind recovers 8% as govt rollback gold tax

Titan Industries has moved higher by 4% at Rs 251, bouncing back almost 8% after the government removed the levy of 0.3% excise duty on unbranded jewellery, which will help in reducing the increasing price of the metal.

On branded jewellery, the Finance Minister Pranab Mukherjee said there will be no excise duty on purchase of jewellery valued at Rs 5 lakh against earlier threshold of Rs 2 lakh.

The stock opened at Rs 241, hit a low of Rs 237 on the Bombay Stock Exchange. A total 4.8 million shares have changed hands on the counter so far, against an average 3 million shares that were traded daily in past two weeks on both the exchanges.