Senco Gold shares rose 4.76 percent to an intraday high of Rs 372 apiece on the NSE. The stock has gained nearly 10 percent over the past five sessions.
Senco Gold posted a strong 19.1 percent year-on-year revenue jump, marking its highest-ever fourth-quarter revenue
Last year, a significant cut in the import duty had delivered a rally in the sector's stocks
The scrip of Tribhovandas Bhimji Zaveri surged 13.86 per cent to close at Rs 155.30 apiece, Titan Company zoomed 6.63 per cent to Rs 3,468.15, Rajesh Exports rallied 6.32 per cent to finish at Rs 316.35 on the BSE
Analysts at Motilal Oswal said since Titan has the best-in-class track record, its eagerness to expand user base makes them bullish on the stock
The company revealed in a filing that they had defaulted on loans worth Rs 3,466 crore from banks and financial institutions
The positive consumer sentiment is rubbing off on jewellery sector stocks, with counters like Kalyan Jewellers, TBZ, Senco and PC Jeweller jumping up to 16 percent over the past week.
Analysts largely remain bullish on the counter, given the management’s healthy guidance for the upcoming quarters amid festive season trends
Jewellery stocks, the likes of PC Jeweller and Titan Company which were up between 3-4 percent while ICICI Bank was the top gainer in the Nifty50 Index while SPARC plunged 11 percent intraday.
On Wednesday, it also decided to waive the levy on sale of traded goods and relaxed other procedural norms.
Gitanjali Gems, PC Jeweller, Renaissance Jewellery, Tribhovandas Bhimji Zaveri and Rajesh Exports climbed 1-2 percent.
Shares of PC Jeweller tanked 11.24 percent, while those of Titan Company fell by 2.63 per cent on the BSE. Among others, Shree Ganesh Jewellery House was down 1.63 percent, while Gitanjali Gems went down by 1.61 percent.