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Gems and jewellery shares in demand

Titan Industries, TBZ, Rajesh Exports, PC Jewellers and Shree Ganesh Jewellery House are trading higher in the range of 3-17% on BSE.

SI Reporter  |  Mumbai 

Shares of gems and jewellery companies are in demand in noon deals, erasing their entire early morning losses and trading higher by up to 17% after the Reserve Bank of India (RBI) streamlined its gold import policy.

Titan Industries, Tribhovandas Bhimji Zaveri (TBZ), Rajesh Exports, PC Jewellers and Shree Ganesh Jewellery House (India) are trading higher in the range of 3-17% on back of heavy volumes on the bourses.

On Monday, the RBI asked nominated banks/agencies to ensure that at least 20% of every lot of imported gold in all forms and purity is made available exclusively for the purpose of export.

Also, for domestic use, the nominated banks and importing agencies have been made responsible for making gold available only to the entities engaged in jewellery business and bullion dealers supplying gold to jewelers, the Business Standard report suggests.

Among the individual stocks, PC Jeweller has surged nearly 20% to Rs 88.90, bouncing back 25% from intra-day low. The stock opened at Rs 72 and hit a low of Rs 71 on the Bombay Stock Exchange (BSE).

TBZ has rallied 10% to Rs 218, recovering 17% from intra-day low of Rs 187. Titan Industries was up 6% at Rs 275. The stock has bounced back 13% from low of Rs 243 touched in morning deals on BSE.

First Published: Tue, July 23 2013. 11:37 IST
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