Tata Group’s Titan Company Ltd. shares rose as much as 3% after Finance Minister Nirmala Sitharaman announced a cut in customs tax on gold, silver and platinum.
During her budget speech on Tuesday, the Finance Minister announced that the customs duty on gold and silver will be reduced from 15% to 6%.
Customs duty on platinum has also been reduced to 6.4% from 15.4% previously.
In October 2022, the customs duty on platinum was increased from 10.75% to 15.4%, while in July 2022, the gold was increased to 15%.
Titan’s primary business is jewellery, from which the majority of the company’s revenue is generated.
As of 1:57 pm, Titan shares were trading 5.63 % higher at Rs 3,437.70.
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