Skip to contentShares of Tata Group’s Titan Company and Senco Gold surged as much as 6% on Tuesday after Finance Minister Nirmala Sitharaman announced a reduction in customs duties on gold, silver, and platinum.
Sitharaman in her Budget speech revealed that the customs duty on gold and silver will be reduced to 6% from the previous 15%. Similarly, the customs duty on platinum will be lowered to 6.4% from 15.4%.
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The reduction in customs duties reverses the hikes implemented in the past year. In October 2022, the customs duty on platinum was increased to 15.4% from 10.75%, and the duty on gold was raised to 15% in July 2022. The recent cuts are expected to benefit jewelry companies, including Titan, which derives a significant portion of its revenue from its jewelry segment.
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Following the announcement, Titan’s shares have recovered more than 5% from their earlier lows, currently trading 3% higher at Rs 3,353.50. Similarly, shares of Senco Gold have also rebounded from their lows of the day, now trading 6.3% higher at Rs 1,000.
Titan Share Performance in last one year
In terms of stock performance, Titan Company faced a mixed bag of results. In the last month, the stock tried to secure positive returns at 1.61%, showcasing a modest upward movement. Contrastingly, the past six months were challenging, with the stock experiencing negative returns of 7.59%, indicating a period of decline.
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Year-to-date figures continued in negative territory, depicting a decline of -6.15%. However, over the last twelve months, the stock managed to maintain positive returns of 15.80%, highlighting its resilience in the longer term.
Senco Gold Share Performance in last one year
When discussing the stock performance, the shares of Senco Gold have consistently delivered mixed returns over various timeframes. In the last month, the stock has given negative returns of 2.23%.
Over the past six months, it exhibited notable growth with returns of 33.40%, showcasing a robust performance. Year-to-date figures further emphasize the stock’s bullish trend, recording a steady growth of 45.60%. Looking at the broader horizon, the shares have maintained their positive trajectory, showing returns of 175.98% in the last year.
Experts on Bullion Market Outlook
Commenting on the Gold and Silver outlook Sachin Kothari, Director Of Augmont – Gold For All said that The finance minister has made a big announcement regarding the reduction in Gold and Silver customs duty from 15% to 6%. BCD (Basic Customs Duty) is reduced from 10% to 5% and AIDC (Agriculture Infrastructure and Development Cess) is reduced from 5% to 1%. This announcement is a welcome step for the bullion industry, as bullion market participants have been waiting for this duty cut for a long time.
Kothari also added that Bullion market participants were expecting a 5% cut in duties, but FM has announced a 9% cut, which is a commendable step from the government. Indian consumers would be able to buy now at a 9% cheaper rate from today, so it will boost physical demand. MCX Gold prices have fallen by Rs 4000 from Rs 73000 to Rs 69000 as a knee-jerk reaction after this announcement and are expected to fall more up to around Rs 67000/ 10 gm as per international pegged price.
(Disclaimer: Views, recommendations, and opinions expressed are personal and do not reflect the official position or policy of Financial Express.com. Readers are advised to consult qualified financial advisors before making any investment decisions. Reproducing this content without permission is prohibited.)
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