Jewellery stocks shine bright, surge up to 10.5%

Jewellery stocks were in limelight Monday, rising sharply by up to 10.5 percent, after major associations called off the strike demanding rollback of proposed excise duty on non-silver jewellery.

PTI| Last Updated: Mar 21, 2016, 18:22 PM IST

Mumbai: Jewellery stocks were in limelight Monday, rising sharply by up to 10.5 percent, after major associations called off the strike demanding rollback of proposed excise duty on non-silver jewellery.

Shares of Tribhovandas Bhimji Zaveri soared 10.53 percent, Thangamayil Jewellery climbed 8.93 percent and Gitanjali Gems spurted 7.10 percent on BSE.

Among others, Shree Ganesh Jewellery House surged 6.52 percent, PC Jeweller rose by 3.22 percent and Titan Company gained 1.24 percent.

Meanwhile, a section of jewellers and bullion traders continued their strike for a 20th day in Delhi today, demanding rollback of the proposed 1 percent excise duty on non-silver jewellery, even as major associations called off the stir after meeting Finance Minister Arun Jaitley.

Jewellers on Saturday called off their 18-day old strike demanding rollback of proposed excise duty on non-silver jewellery after the government assured them that there will be no harassment by excise officials.

The 18-day long strike by jewellers is estimated to have caused loss of Rs 60,000-70,000 crore to the industry.