WASHINGTON: ajesh Exports has dipped 13% to Rs 562 on the National Stock Exchange (NSE) in intra-day trade on the back of heavy volumes. The trading volumes on the counter more than doubled with a combined 916,439 shares changed hands on the NSE and BSE till 11:22 AM.
Rajesh Exports, the largest gold jewellery manufacturer in the world and the country’s largest exporter of gold jewellery, has said that its board will meet on March 21 to consider and discuss certain business propositions.
The board will also propose and declare interim dividend on the paid up equity share capital of the company for the financial year 2015-16. Post Budget, the stock has underperformed the market by falling 21% from Rs 708 on February 29, as compared to 6% rise in the S&P BSE Sensex.
Finance Minister Arun Jaitley has proposed to levy 1% excise duty on jewellery imposed in the Union Budget for FY2016-17 as against nil currently. Concessional CVD on gold-doré bar increased from 8% to 8.75%.
