Gold, silver duty hike to 15% triggers third-day selloff in jewellery stocks; Kalyan Jewellers down 6%
Import duty hike on gold and silver to 15% and platinum to 15.4% sent jewellery stocks tumbling for a third session. Sky Gold fell 11.1%, Kalyan Jewellers 6%, Senco Gold 4.3%, and PC Jeweller 3.65%. Kalyan faced added pressure from exclusion from the MSCI Standard Index, while gold and silver futures jumped 7-8%.
Import duty on gold/silver hiked to 15% and platinum to 15.4%, sending jewellery stocks down for third day; Kalyan Jewellers also excluded from MSCI Standard Index. Maruti commits Rs 1,372 cr to rail logistics.