On Monday, a decline of up to 9 percent was seen in jewelery stocks.
On Monday, shares of Titan Company, Senco Gold, Kalyan Jewelers and other jewelery companies fell by 9%. The reason for this was Prime Minister Narendra Modi's comments in a public program in Hyderabad and the announcement of March quarter results by major companies in this sector. Addressing the event in Hyderabad, PM Modi appealed to citizens to avoid buying gold for weddings for the next one year. This request was part of a broader campaign to conserve fuel and foreign exchange reserves. Along with this, the Prime Minister urged people to re-adopt the practice of 'work-from-home' and reduce non-essential travel, especially foreign travel.
Big fall in jewelery stocks?
Senco Gold suffered the most loss. Its shares fell 9% to the day's lowest level of Rs 333 on BSE. Shares of Kalyan Jewelers also followed the same path and closed at Rs 389, down 8%. Shares of Tata Group company Titan Company fell 5% to the day's lowest level of Rs 4,273.
These comments have come at a time when there is already pressure on India's gold imports. According to Reuters, gold imports could reach their lowest level in almost three decades in April, as banks faced unexpected tax demands. India remains the second largest consumer of gold in the world. During FY 2026, India imported an average of 60 tonnes of gold every month, taking the monthly import bill to nearly $6 billion.
Tremendous increase in Titan's profit
Apart from this, shares of companies like Titan Company and Kalyan Jewelers are also in the news after the announcement of the results of the fourth quarter of the financial year 2026 (Q4FY26). Titan Company recorded a net profit of Rs 1,179 crore for the March quarter. This represents an increase of 35% compared to the profit of Rs 871 crore recorded in the same quarter last year. The total income of this Tata Group company increased by 46 percent on an annual basis to Rs 20,300 crore in the fourth quarter of the financial year 2026, whereas it was Rs 13,891 crore in the same quarter of the last financial year. The company's earnings before interest and tax (EBIT) stood at Rs 1,875 crore in the quarter, which is 28% higher than Rs 1,470 crore reported in Q4FY25.
Kalyan Jewelers also made huge profits
Meanwhile, Kalyan Jewelers India reported a net profit of Rs 409.5 crore in the March quarter of FY26, more than double the Rs 187.6 crore reported in the same period last year. This represents an increase of 118.2%. Revenue from operations in the quarter increased by 66.2% year-on-year to Rs 10,274.9 crore as compared to Rs 6,181.5 crore in the same quarter last year. EBITDA increased 84.2% to Rs 735.7 crore from Rs 399.4 crore reported a year ago. According to a regulatory filing made on Friday, the company also reported improvement in EBITDA margin, which increased to 7.2% from 6.5% in the same quarter last fiscal.
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