Shares of seven jewellery retailers rose 0.88% to 6.92% at 11:01 IST on BSE on reports that the government has rolled back its decision to apply 1% tax collection at source on cash purchase of gold jewellery.
Thangamayil Jewellery (up 6.92%), Shree Ganesh Jewellery House (I) (up 5.38%), Tribhovandas Bhimji Zaveri (up 6.18%), PC Jeweller (up 2.13%), Gitanjali Gems (up 3.09%), Tara Jewels (up 4.17%) and Titan Company (up 0.88%) edged higher. Vaibhav Global fell 1.94%.
Rajesh Exports fell 0.29%. Rajesh Exports' net profit rose 2559.03% to Rs 76.58 crore on 16.19% decline in total income to Rs 10410.62 crore in Q4 March 2016 over Q4 March 2015. The company's net profit rose 80.54% to Rs 476.51 crore on 1.84% rise in total income to Rs 38622.63 crore in the year ended March 2016 over the year ended March 2015. The announcement was made after trading hours yesterday, 30 May 2016.
Meanwhile, the BSE Sensex was down 83.47 points, or 0.31% to 26,642.13
As per reports, the government has rolled back its decision to apply 1% tax collection at source on cash purchase of gold jewellery of Rs 2 lakh and above and raised the limit to the earlier Rs 5 lakh with effect from 1 June 2016.
Jewellers went on indefinite strike from March 2016 after the government reintroduced a 1% excise duty on gold jewellery in the Union Budget 2016-17 on 29 February 2016. Jewellers called off the strike in mid-April 2016 after the government assured the industry that it will simplify implementation of excise duty.
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