Titan Company gains 3% as govt leaves import duty on gold unchanged

The government has kept rate unchanged on import of gold.

Shares of Titan Company rose nearly 3 percent in the early trade on Thursday as government has not hiked the import duty on gold.

The government has hiked import duty on high-end consumer items including washing machines, air conditioner, footwear, diamonds, jet fuel, car tyres, kitchen and tableware, some plastic goods, as well as suitcases as a part of its plan to get foreign funds flowing back to India and to reduce current account deficit (CAD) as it seeks to stabilise the domestic currency.

Meanwhile, the government has kept rate unchanged on import of gold.

On Wednesday, the share price ended 2 percent higher after global investment firm Morgan Stanley raised target price on the stock on strong growth expectations in festive season.

The global research firm has maintained its Overweight call on the stock and raised target price to Rs 1,250 from Rs 1,120 earlier.

At 09:49 hrs Titan Company was quoting at Rs 837.65, up Rs 25.45, or 3.13 percent on the BSE.

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