Union Budget 2015-16: Jewellery stocks gain on gold import duty cut hope

Jewellery sector stocks rose on Saturday on hope Budget will cut gold import duties. 

Gitanjali Gems rose 5 per cent, Titan Company was up 0.9 per cent. Traders hope import duty on gold would be cut by 2 per cent in 2015/16.

The commerce ministry has pitched for a reduction in the import duty on gold in its budget recommendations to the ministry of finance to encourage gems and jewellery exports and manufacturing.

"We have been asking for a cut in gold import duty," commerce secretary Rajeev Kher said on the sidelines of a Confederation of Indian Industry (CII) event.

With agency inputs