On Tuesday, Finance Minister Nirmala Sitharaman unveiled a new economic roadmap of Modi 3.0 in the Lok Sabha. Presenting the Union Budget 2024, Sitharaman said that the Modi government will focus more on the middle class and youth of the country.
In Budget 2024-25, Finance Minister Nirmala Sitharaman announced a significant reduction in customs duties on gold, silver, and platinum to provide relief to the gems and jewellery industry.
The Basic Customs Duty on gold and silver has been cut from 15 percent to 6 percent, while platinum duty has been reduced from 15.4 percent to 6.4 percent.
The reduction in customs duty is expected to provide a boost to the gems and jewellery industry, which contributes significantly to India’s exports and employment. It will also help in promoting the growth of the sector and attracting more investments.
Listed below are such companies that may benefit from the cut in customs duty on gold and silver:
Titan Company Ltd
With a market capitalization of Rs. 3,08,643 crores, the shares of Titan Company started Tuesday’s trading session on a flatter note at Rs. 3,255.10 compared to its previous close of Rs. 3,254.45. During the trading session, the shares hit a high of Rs. 3,490, gaining around 7 percent and closed the day at Rs. xx apiece.
Looking at the company’s financial performance, the revenue decreased by 11 percent from Rs. 14,164 crores during the December quarter to Rs. 12,494 crores in the March quarter. On the other hand, the net profits declined by 27 percent from Rs. 1,053 crores to Rs. 771 crores during the same period.
Sky Gold Ltd
With a market capitalization of Rs. 2,839 crores, the shares of Sky Gold started Tuesday’s trading session on a lower note at Rs. 2,010 compared to its previous close of Rs. 2,042.60. During the trading session, the shares hit a 5 percent upper circuit at Rs. 2,144.70 apiece.
Coming onto the company’s financial statements, the revenue jumped 11.4 percent from Rs. 460.44 crores during the December quarter to Rs. 513.37 crores in the March quarter. In addition, the net profits zoomed by 52 percent from Rs. 8.93 crores to Rs. 13.61 crores during the same period.
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Kalyan Jewellers India Ltd
With a market capitalization of Rs. 56,617 crores, the shares of Kalyan Jewellers started Tuesday’s trading session on a flatter note at Rs. 529 compared to its previous close of Rs. 529.30. During the trading session, the shares hit a high of Rs. 561.65, gaining around 5 percent and closed the day at Rs. 552 apiece.
Coming onto the company’s financial performance, the revenue decreased by 13 percent from Rs. 5,223 crores during Q3FY24 to Rs. 4,535 crores in Q4FY24. Further, the net profits declined by around 24 percent from Rs. 180 crores to Rs. 137 crores during the same timeframe.
Senco Gold Ltd
With a market capitalization of Rs. 7,674 crores, the shares of Senco Gold started Tuesday’s trading session on a higher note at Rs. 948.80 compared to its previous close of Rs. 941.60. During the trading session the shares hit a high of Rs. 1,054, gaining around 11 percent and 989 apiece.
Looking at the company’s financial statements, the revenue decreased by 32 percent from Rs. 1,651 crores during the December quarter to Rs. 1,130 crores in the March quarter. On the other hand, the net profits declined by 67 percent from Rs. 111 crores to Rs. 77 crores during the same period.
Written By Vaibhav Patil
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