Finance Minister Nirmala Sitharaman's Budget announcement brought good news for Ratan Tata's company, Titan which gained around Rs 19,000 crore in a day. With import tax on gold and silver reduced by 6%, the shares of Titan surged approximately 7%. Titan, a jewelry brand under Tata's umbrella, witnessed a boost in its stock value due to its brand Tanishq.
According to BSE data, Titan's shares closed at Rs 3,468.15, up by 6.63%. During the trading session, the shares reached a day's high of ₹3,490, marking a 7.30% increase. Initially, Titan's shares opened at a flat Rs 3,252. Experts believe that the company's shares may continue to rise in the coming days.
From an investor's perspective, this has been quite profitable. For example, if an investor holds 10,000 Titan shares, with an increase of Rs 215.55 per share, they would gain ₹2,155,500 on those 10,000 shares.
Earlier, Titan's market capitalisation was Rs 2,88,757.16 crore, which increased to Rs 3,07,897.56 crore on Tuesday. This means the company's valuation grew by Rs 19,140.4 crore.
On Tuesday, Finance Minister Nirmala Sitharaman proposed reducing the basic customs duty on gold and silver to 6% and on platinum to 6.4%. The reduction in customs duty on gold, silver, and platinum has been a long-standing demand of the gem and jewelry industry. Following this decision, gold prices in the country's futures market dropped by more than 5%, while silver saw a decline of over Rs 5,000 during the trading session. Experts suggest that this decision will bring significant relief to the general public.
