Jewellery stocks witnessed mixed trend at 11:16 IST on BSE after the government announced constitution of a committee to look into issues related to excise duty on different articles of jewellery imposed in the Union Budget 2016-17.
Thangamayil Jewellery (down 7.65% at Rs 184.70), Shree Ganesh Jewellery House (I) (down 2.5% at Rs 7.01), Vaibhav Global (down 0.93% at Rs 345), Gitanjali Gems (down 0.74% at Rs 33.70) and PC Jeweller (down 0.16% at Rs 347.40) edged lower. Tara Jewels (up 1.05% at Rs 43.40) and Tribhovandas Bhimji Zaveri (up 3.5% at Rs 57.60) edged higher.
Meanwhile, the S&P BSE Sensex was down 38.65 points or 0.15% at 25,246.72.
The government in a press release issued after market hours yesterday, 21 March 2016 said that it has constituted a Sub-Committee under the aegis of the High Level Committee (HLC) on issues related to excise duty on different articles of jewellery imposed in the Union Budget 2016-17. The Sub-Committee will interact with trade & industry on tax laws pertaining to jewellery sector. Terms of reference of the Sub-Committee will include the issues related to compliance procedure for the excise duty, including records to be maintained, forms to be filled including Form 12AA, operating procedures and any other issues that may be relevant. The Sub-Committee will submit its report within 60 days of its constitution, the government statement said.
In the Union Budget 2016-17 announced on 29 February 2016, the government had imposed a central excise duty at the rate of 1% without input tax credit and 12.5% with input tax credit on all articles of jewellery except for silver jewellery, other than those studded with diamond, ruby, emerald or sapphire.
Rajesh Exports rose 0.31% at Rs 612.05 after the company said it has secured an export order worth Rs 1045 crore from Singapore for supply of designer range of gold and diamond studded jewellery and medallations. The order is to be completed by 31 May 2016. The announcement was made during market hours today, 22 March 2016.
Titan Company was up 3.01% at Rs 352.20. Tata Global Beverages was up 1.67% at Rs 121.65. Tata Global Beverages announced that it has yesterday, 21 March 2016, sold 92.48 lakh equity shares of Re 1 each held in Titan Company constituting 1.04% of the paid-up equity capital of the company as a market transaction. The announcement was made before market hours today, 22 March 2016.
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