Shares of gold and jewelery retailers surged on Tuesday after Finance Minister Nirmala Sitharaman said the Government will reduce the basic customs duty on the yellow metal and silver to 6 per cent.
On the BSE, the stock of Senco Gold zoomed 8.18 per cent to trade at ₹1,018.60 apiece, Rajesh Exports surged 3.65 per cent to ₹308.50 and PC Jeweller jumped 5 per cent to hit the upper band at ₹74.16.
In addition, shares of Titan Company rallied 6.01 per cent to ₹3,450, Tribhovandas Bhimhji Zaveri rose 9.49 percent to 149.40 , and Kalyan Jewellers India gained 1.81 per cent to ₹538.90.
The Finance Minister also provided for basic custom duty reduction on platinum to 6.4 per cent.
She also proposed the removal of basic customs duty on ferro nickel and blister copper.
The reduction in basic customs duty on gold, silver and platinum has been a long pending demand of the gems and jewelery industry.