Jewellery shares gain on festive demand

GOLD-DUSSEHRA-DIWALI-GITANJALI-TRIBHOVANDAS:Jewellery shares gain on festive demand

 

Reuters Market Eye - Shares in jewellery companies, including Gitanjali Gems extended gains for the second day on hopes of a spike in jewellery sales ahead of the festive season in India, several dealers said.

Consumer spending appetite traditionally increases during the Dussehra festival on Oct 24 and the Diwali festival in mid-November, which are considered auspicious times to buy big-ticket items.

India's largest jewellery retailer Gitanjali Gems jumps 5.13 percent, adding to its Thursday's 1.82 percent rally.

Shree Ganesh Jewellery gains 5.9 percent while jewellery maker and retailer Tribhovandas Bhimji Zaveri Ltd jumps 9 percent.