Mumbai: Jewellery stocks were in limelight Monday, surging as much as 14 percent, as gold prices plummeted to over two-year low of Rs 25,700 per 10 grams.
Shares of Gitanjali Gems surged 13.71 percent, Shree Ganesh Jewellery House soared 11.79 percent and Tribhovandas Bhimji Zaveri climbed 9.37 percent.
Among others, Goenka Diamond & Jewels rose by 4.62 percent, Rajesh Exports climbed 3.95 percent and PC Jeweller was up 3.17 percent on BSE.
"After continuing fall in gold prices, shares of gems and jewellery stocks rose sharply intra-day," said Bonanza Portfolio Head Wealth Management & Financial Planning Achin Goel.
Fall in gold prices may boost the revenue of these companies in view of heightened demand amid the forthcoming festive season.
Gold prices plunged by Rs 300 to trade at over two-year low of Rs 25,700 per 10 grams in the bullion market today, tracking a weak global trend amid slump in demand from jewellers and retailers.
