Stocks of gold jewellery retailers have been able to retain their sheen in 2023 despite volatile gold prices. Kalyan Jewellers, Titan, PC Jewellers, Thangamayil Jewellery, and Tribhovandas Bhimji Zaveri (TBZ) have rallied 21-72 per cent so far since April as compared to a 13 per cent gain in the benchmark Sensex index. The rally gained steam on the back of gold's 6 per cen
Analysts expect more downside in this sector, with Titan still the preferred bet.
With shares of most companies listed this year slipping below their issue prices and two initial public offerings (IPOs) already withdrawn, the scenario has remained challenging for the primary market.
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Shares of jewellery makers on Monday fell sharply by up to 20 per cent following dip in global prices of gold.
Gold was Rs 28,100 per 10 gm on July 26, 2014.
The moves by the RBI, announced late on Wednesday, should increase supplies of gold and brighten the earnings outlook for jewellery makers after the government took tough measures to curb imports last year, analysts said.
Precious ornaments are estimated to become 3% costlier under GST
The 80:20 rule mandates importers to channel at least 20% of the import quantity for jewellery exports.
Sluggish economy, high bullion prices and consumer shift towards cheaper gifting options such as electronic goods and mobiles have taken the sheen off gold
Jewellers initially feared the ban applied on them, too. However, after discontinuing their monthly schemes for almost two weeks, they've started accepting deposits again.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
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But the 30-share Sensex rose by 141.52 points, or 0.41 per cent, to close at 34,297.47. The broader NSE Nifty gained 44.60- points, or 0.42 per cent, to end at 10,545.50 after touching a high of 10,618.10.
The possibility of the slowdown affecting more players is greater if the industry doesn't get access to easier finance in the next six to eight months.
Broader markers outperformed their larger peers.
Markets ended lower amid volatile trade with Sun Pharma leading the decline.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
BSE Healthcare, Oil & Gas, Consumer Durable, TECk, Power and Metal indices declined between 0.5-1%.
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More, many market gurus expect the Sensex to reach 30,000 levels by December and 40,000-45,000 in three to four years.
Markets extended losses to end 1.5% down on Tuesday, amid weak global cues, after investors turned cautious ahead of key economic data and booked profits in rate sensitive shares while the further fall in the rupee continued to weigh on investor sent.
Roadshows will be held in Singapore, Hong Kong, London, New York and Boston, NTPC gained close to 1%.
Investors booked profits at higher levels despite the growth oriented Budget.
The iconinc Zaveri Bazaar in south Mumbai does business of around Rs 3 trillion a year.
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