Jewellery stocks bounce back; Titan, TBZ up over 5%

NEW DELHI: Most of the gems & jewellery stocks bounced back in a weak market on Thursday as investors found value as lower levels.

The gems and jewellery stocks came under pressure in the past week, weighed down by rises in gold import duty by RBI and depreciation of rupee against the dollar.

The rise in import duty is likely to weigh on earnings outlook of these companies as well as margins, according to analysts. India is the world's biggest buyer of bullion and the government is seeking to halt a surge in demand to contain its fiscal deficit position.

Continued depreciation of rupee was another factor which was weighing on gems and jewellery stocks as sustained depreciation in currency against the dollar may dampen the growth of the sector.

At 12:15 p.m.; the 50-share index was at 5,703.80, down 56.40 points or 1 per cent. It touched a high of 5,729.85 and a low of 5,683.10 in early trade today.

The S&P BSE Sensex was at 18,827.43, down 216.70 points or 1.1 per cent. It touched a high of 18,914.13 and a low of 18,765.53 in trade today.

We have collated list of gems & jewellery stock which came under pressure in trade today:

Company Name	Percentage Return	Price as on June 13
Titan Industries	5.4%	Rs 216
TBZ	5.78%	Rs 205.10
PC Jeweller	2.58%	Rs 103.55
Gitanjali Gems	0.5%	Rs 532.60

Note: Last updated 12:15 p.m.