Jammu and Kashmir hit by 5.8 magnitude earthquake, no casualties reported
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Finance Minister Nirmala Sitharaman on Tuesday announced a cut in import duties on precious metals gold and silver from 15 percent to 6 percent. “To enhance domestic value addition in gold and precious metal jewelry, I propose to reduce customs duties of gold and silver to 6%,” the minister said in her Union Budget 2024 speech in Lok Sabha.
After the government's announcement, shares of gold and jewelry retailers surged in the stock market, while gold futures were trading down around 5%. On the Bombay Stock Exchange, the shares of Senco Gold zoomed 6.16 percent to trade at ₹1,000.80 apiece, Rajesh Exports surged 5.49 percent to ₹313.90 and PC Jeweller jumped 5 percent to trade at ₹74.16 -- also its upper circuit limit.
Also, shares of Titan Company climbed 3.66 percent to ₹3,371.65 per piece, Tribhovandas Bhimhji Zaveri rose 2.79 percent to ₹140.20, and Kalyan Jewellers India gained 1.54 percent to ₹537.05 apiece on the bourse.
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