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Last Updated : Oct 25, 2019 11:09 AM IST | Source: Moneycontrol.com

Jewellery stocks trade mixed on Dhanteras; Titan shares hit 52-week high

Dhanteras is celebrated on the 13th lunar day of the dark fortnight of the Hindu month of Kartik and the word 'dhan' means wealth.

Ahead of Dhanteras, gold prices rose on October 24 in the domestic futures market. Rates touched an intraday high of Rs 38,115 and an intraday low of Rs 37,999 on MCX. (Image: Reuters)
Ahead of Dhanteras, gold prices rose on October 24 in the domestic futures market. Rates touched an intraday high of Rs 38,115 and an intraday low of Rs 37,999 on MCX. (Image: Reuters)
 
 
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Shares of diamond and jewellery companies were trading mixed on the festival of Dhanteras being celebrated on October 25.

Shares of Titan Company climbed over a percent to touch their fresh 52-week high at Rs 1,389.85 on BSE.

Other diamond and jewellery stocks such as Atlas Jewellery and Rajesh Exports also climbed up to 2 percent.

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However, shares of Thangamayil Jewellery, PC JewellerTribhovandas Bhimji Zaveri and Uday Jewellery Industries plunged up to 5 percent.

Dhanteras is celebrated on the 13th lunar day of the dark fortnight of the Hindu month of Kartik and the word 'dhan' means wealth.

The festival is considered an auspicious time to buy gold and other valuables such as ornaments and gemstones, apart from metals like copper and silver. The purchases are believed to bring wealth and prosperity.

“Gold purchased every year on Dhanteras during the last 5 years has managed to beat inflation even though the year-on-year returns were in single digits. As on last Dhanteras, the price ranged around Rs 31,600 per 10 grams compared to Rs 27,500 during October 2014, and Rs 40,000 on September 2019,” Sunilkumar Katke, Head, Commodities & Currency, Axis Securities Ltd, told Moneycontrol.

“The rise seen in gold, translated into a yield of 20% in just 1 years’ time, is the highest during the last 10 to 15 years’ time grabbing interests of allot of institutions and individual investors,” he said.

One should buy gold in the physical form, or through gold MFs or ETFs, or on derivative platforms on this Dhanteras. “The ongoing uncertainties still unresolved, one can expect the prices to move northward from current levels of $1,490 to about $1,750 at Comex and Rs 38,000 levels per 10 grams to Rs. 42,000 mark in months ahead domestically,” added Katke.

Gold has witnessed a strong run with healthy returns in the past one year. This has been largely due to concerns over a global slowdown, trade tensions between the US and China and falling bond yields.

Gold prices were range-bound on October 25 after rallying in the previous session. The prices are expected to remain volatile and could inch higher amid buying by investors on Dhanteras.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Oct 25, 2019 11:09 am

tags #BSE #stocks

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