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Shares of gold jewellery stocks are trading higher by up to 20% in otherwise weak market ahead of festive season.
Stocks like PC Jeweller, Tribhovandas Bhimji Zaveri (TBZ), Gitanjali Gems, Tara Jewels, Lypsa Gems & Jewellery and Shree Ganesh Jewellery House have gained between 5-20% on the BSE. Titan Company and Rajesh Exports, too, are trading higher between 1-2%. At 1110 hours, the benchmark S&P BSE Sensex was down 0.35% at 26,994.
Consumer spending appetite traditionally increases during the Dussehra and Diwali festivals that are considered auspicious for buying big-ticket items, especially gold jewellery.
Meanwhile, analysts expects higher orders flowing in from the US in this season, as compared to previous year. Signs of an economic recovery in the US have led to hopes of a rebound in India’s gems & jewellery sales in the coming season, a Business Standard report suggests. US is the world’s largest gems & jewellery consumer (accounting for 38% of global annual demand).
Among individual stocks, Lypsa Gems & Jewellery has rallied 20% to Rs 158 on BSE. PC Jeweller soared 14% to Rs 246 on back of two-fold jump in trading volumes. Shree Ganesh Jewellery House surged 9% to Rs 31.50, followed by Tara Jewels (7% to Rs 106), TBZ (6% to Rs 173) and Gitanjali Gems (5% to Rs 72).
Stocks like PC Jeweller, Tribhovandas Bhimji Zaveri (TBZ), Gitanjali Gems, Tara Jewels, Lypsa Gems & Jewellery and Shree Ganesh Jewellery House have gained between 5-20% on the BSE. Titan Company and Rajesh Exports, too, are trading higher between 1-2%. At 1110 hours, the benchmark S&P BSE Sensex was down 0.35% at 26,994.
Consumer spending appetite traditionally increases during the Dussehra and Diwali festivals that are considered auspicious for buying big-ticket items, especially gold jewellery.
Meanwhile, analysts expects higher orders flowing in from the US in this season, as compared to previous year. Signs of an economic recovery in the US have led to hopes of a rebound in India’s gems & jewellery sales in the coming season, a Business Standard report suggests. US is the world’s largest gems & jewellery consumer (accounting for 38% of global annual demand).
Among individual stocks, Lypsa Gems & Jewellery has rallied 20% to Rs 158 on BSE. PC Jeweller soared 14% to Rs 246 on back of two-fold jump in trading volumes. Shree Ganesh Jewellery House surged 9% to Rs 31.50, followed by Tara Jewels (7% to Rs 106), TBZ (6% to Rs 173) and Gitanjali Gems (5% to Rs 72).
