According to the latest RBI guidelines, banks and nominated agencies should retain 20 percent of every lot of gold import in customs bonded warehouses and more gold can be imported only if they export 75 percent of the stored gold.
RBI curbs on gold imports are negative for the gems and jewellery industry, says Umesh Parekh, managing director, Shree Ganesh Jewellery House. Speaking to CNBC-TV18, he says exporters are bound to face liquidity issues with this move.
The Reserve Bank of India (RBI) on Monday put further curbs on gold import mandating that banks and nominted agencies should retain 20 percent (or one fifth) of every lot of gold imports in the customs bonded warehouses. They will be able to import further gold only if they release the 75 percent of that stored gold for the purpose of exports.
According to Titan, credit for gold import has been prohibited by RBI, which will affect import of gold through all non-consignment routes like gold on lease.
Despite the duty hike, gold imports reached at a staggering USD 15 billion in the last two months. On Monday, Finance Minister P Chidambaram echoed his concerns after gold imports touched 162 tonnes in May
Firstcall Research is bullish on Shree Ganesh Jewellery House and has recommended buy rating on the stock with a target price of Rs 138 in its January 16, 2013 research report.
Shree Ganesh Jewellery House fell more than 9 percent in three consecutive sessions, especially after weak set of numbers in the third quarter of current financial year 2012-13.
Shree Ganesh Jewellery House's consolidated net profit grew by 7.4 percent year-on-year to Rs 102 crore in the third quarter of current financial year 2012-13.
Bull's Eye, CNBC-TV18's popular game show, where market experts come together to dish out trading strategies for you to make your week more exciting and compete with each other to see whose portfolio is the strongest.
Bull's Eye, CNBC-TV18's popular game show, where market experts come together to dish out trading strategies for you to make your week more exciting and compete with each other to see whose portfolio is the strongest.
Bull's Eye, CNBC-TV18's popular game show, where market experts come together to dish out trading strategies for you to make your week more exciting and compete with each other to see whose portfolio is the strongest.
Shree Ganesh Jewellery House's standalone net profit rose by 2.5% year-on-year to Rs 70.9 crore in the quarter ended June 2012.
Shree Ganesh Jewellery House's consolidated net profit increased 104% over a year ago period to Rs 194 crore for the fourth quarter of FY12.
Shree Ganesh Jewellery House has forayed into solar power. It is going to invest Rs 400 crore, reports CNBC-TV18.
Sunidhi Securities is bullish on Shree Ganesh Jewellery House (SGJH) and has recommended buy rating on the stock with a target price of Rs 170 in its February 16, 2012 research report.
In an interview to CNBC-TV18, Nilesh Parikh, chairman of Shree Ganesh Jewellery House says, the company will be able to achieve 25% top-line growth this year.
Exit Shree Ganesh Jewellery House, says Imtiaz Qureshi of Investia Financial.
Sunidhi Securities is bullish on Shree Ganesh Jewellery House and has recommended buy rating on the stock with a target of Rs 200 in its September 8, 2011 research report.
Buy Shree Ganesh Jewellery House, says Sharmila Joshi of Fairwealth Securities.
Bull's Eye, CNBC-TV18's popular game show, where market experts come together to dish out trading strategies for you to make your week more exciting and compete with each other to see whose portfolio is the strongest.
In an interview with CNBC-TV18, Chairman of Shree Ganesh Jewellery House Nilesh Parikh says the company is also looking at capitalizing on lending against gold.
Shares of Shree Ganesh Jewellery House slumped over 19% today on major customers’ default rumours. Talking on the recent volatility in stock prices, the company’s CFO Ashok denied these hearsays as baseless