Budget 2019-Sudden Impact! FM hikes custom duty on yellow metal to 12.5%, gold stocks tumble
Budget 2019: FM Sitharaman said, "It is proposed to increase custom duty on gold and other precious metals from 10% to 12.5%"
)
03:22 PM IST
There was bloodbath in major gold stocks like PC Jewellers, Titan Company, Thangamayil Jewellery, Tribhovandas Bhimji Zaveri and others after Finance Minister Nirmala Sitharaman hiked custom duty on yellow metal during Budget 2019 speech. Sitharaman said, "It is also proposed to increase custom duty on gold and other precious metals from 10% to 12.5%" The reaction was sudden and quite impactful! Following the move, investors started to exit gold shares on Dalal Street!
Post Budget 2019 announcement, at around 1418 hours, the share price of Tribhovandas Bhimji Zaveri was trading at Rs 42.10 per piece down by 5.18% on Sensex. Similarly, share price of Thangamayil Jewellery plunged by 5.92% trading at Rs 318 per piece.
Shares of Titan Company also tumbled by over 3% after touching an intraday low of Rs 1250.55 per piece right after the custom duty announcement. However, at present, the stock is performing at Rs 1286 per piece down by 0.36% on Sensex. While shares of PC Jeweller was trading at Rs 40.90 per piece, below 3.65% on the index.
Other gold stocks like Goldiam International, White Organic, SRS, Darshan Orna, Renaissance, Ashapuri Gold and Narbada Gems also saw selling pressure.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
Top 6 Largecap MFs with up to 39% Return in 6 Months: No. 1 fund has turned Rs 20,000 monthly investment into Rs 1,31,527
)
Power of Rs 13,000 SIP: How long will it take to turn Rs 13,000 monthly investment into Rs 5,00,00,000 corpus?
)
Top 5 Midcap Mutual Funds With Best SIP Returns in 7 Years: Rs 13,000 monthly SIP in No. 1 fund has led into Rs 31.02 lakh wealth
)
Rs 19 Lakh Lump Sum Investment in Mutual Funds: How many years can it take to create a Rs 1 crore, Rs 2 crore & Rs 3 crore corpus?
)
10 Stocks To Buy For Long Term: Analysts recommend largecap, midcap, smallcap scrips; Glenmark Pharma, TCS on the list
)
SGB Gold Bond vs Top Gold ETF: Which has given higher return on Rs 5 lakh investment in 5 years? See returns and calculations
)
8th CPC for Paramilitary Forces: How basic pay of BSF's SI, inspector, commandant, DIG & others can be revised at 2.28, 2.57 fitment factors
03:22 PM IST