MUMBAI (Commodity Online): Indian gold stocks traded in green on the bourses today as the gold prices surge to its recent highs.
Titan Industries Ltd (BOM: 500114) jumped to Rs.1321.63 up 4% in the morning trades, however, the stock price settled at Rs.1295 in the later trading session giving a positive return of 1.5% over the previous close.
Pay low, earn more through Commodity Trading TipsSimilarly, Gitanjali Gems Ltd (BOM: 532715) recorded marginal gains in the afternoon trading session today as the stock prices rose by 0.6% at Rs.111 and Rajesh Exports traded up at Rs.75.10 with marginal gains of close to 1% on BSE.
Meanwhile, the key benchmark index, BSE Sensex was up 400 points or 2.67%, to 15815 points.
India's biggest watch and jewelry retailer by sales, Titan Industries’ net profit fell 11.6% to Rs.77.60 crore on a 5.4% increase in sales to Rs.1146.80 crore in Q2 September 2009 over Q2 September 2008.
The company said high price of gold had impact on customer walk-ins at its stores. It, however, added that there was a significant improvement in sales during the recent festive season of Dussehra and Diwali, indicating that the customers have come to terms with the high gold price and resuming jewellery purchases.
Meanwhile, the rally in gold prices will boost Titan's valuation of gold held as stock-in-trade.
The benchmark December gold on the Multi Commodity Exchange (MCX) closed 3.1% higher at Rs.16,618 per 10 grams on Tuesday after hitting a record high of Rs.16,639.
