Titan Ind, Gitanjali Gems, PC Jeweller, Thangamayil Jewellery, TBZ and Renaissance Jewellery are up 2-9% on the BSE.

Shares of jewellery makers are in limelight and trading higher by up to 9% in otherwise weak market on hopes of strong demand ahead of festival season.

Gitanjali Gems, PC Jeweller, Thangamayil Jewellery, Tribhovandas Bhimji Zaveri (TBZ), Renaissance Jewellery, Shree Ganesh Jewellery House and Titan Industries are up 2-9% on the BSE as compared to nearly 1% fall in benchmark S&P BSE Sensex at 1100 hours.

Last week, the government increased import duty on gold and silver to 15% from 10% to protect the domestic industry.

Meanwhile, the Bloomberg report suggests that the government constitutes a panel of officials to resolve procedural delays related to gold imports.

Titan Industries is trading higher by over 2% at Rs 237 on BSE after the analyst at Nomura upgraded the stock to ‘Buy’. Based on financial year 2015 EPS expectations, the Tata Group company trades at 20 times valuations, compared with the sector average of 27 times FY15 EPS forecast, the analysts noted.

Among the other individual stocks, Thangamayil Jewellery has surged 9% to Rs 175, while Gitanjali Gems and PC Jeweller are up 7% at Rs 63.35 and Rs 104 respectively.

Source: Business Standard

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