The time of festivities is in full swing in India, with one of the biggest festival, Deepavali and its surrounding festivities making their way as 2024 comes to a close.
Dhanteras and Jeweller Stocks
Another major festival is observed on the occasion of Dhanteras. Dhanteras marks the beginning of Deepavali. Traditionally, this day is also seen as an auspicious occasion to purchase gold. Many Indians, keeping in line with the tradition, indulge themselves in the purchase of the yellow metal.
The prices of gold in the city of Mumbai hit the Rs 80,000 mark.
The price of gold has risen significantly in the recent past, with the current price standing at Rs 80,995.00 per 10g of 24k (99.9 per cent).
On the auspicious day, major jewellery stocks listed on the Indian equity markets are trading in red with some exceptions.
Tribhovandas Bhimji Zaveri Ltd
The shares of this jeweller dropped in red. The Tribhovanda’s shares declined by 2.14 per cent or Rs 5.90.
This took the overall value of the Mumbai-based company shares to Rs 269.65.
P N Gadgil Jewellers Ltd
Then we move to another jeweller from the state of Maharashtra, PN Gadgil Jewellers. The shares of the company, which is a recent entrant to the share market game, also dropped on Tuesday.
The price of the stock dropped by 3.13 per cent or Rs 22.70. This took the overall drop to Rs 701.45 per share.
Kalyan Jewellers India Ltd
Kalyan Jewellers also saw its share prices dwindle.
The Kerala-based company dropped 1.43 per cent or Rs 9.55, dipping to Rs 659.50 in the intraday trade on Tuesday, October 29.
The trading session drenched in red continued to be the same for the Kolkata-based Senco as well.
The shares of the company listed on the NSE suffered the words in this list. Senco shares lost 4.49 per cent or Rs 54.40, taking the overall value of the shares to Rs 1,158.00 per piece.
PC Jewellers
There was however a silver lining in the midst of these developments. The New Delhi-based PC Jewellers contrary to others shot up, hitting the upper circuit.
The company shares hit 5.00 per cent or Rs 7.47 upper circuit. This took the overall value of shares to Rs 156.87.
