Titan Industries' shares gained over 8%, touching the monthly high of Rs247, after the government allowed the company to import gold directly from overseas market. Currently, only authorised agencies and public sector units like MMTC are allowed to import gold.
Titan had approached Directorate General of Foreign Trade ( DGFT), under the Commerce Ministry, seeking license for direct gold import.
In a first instance of the government allowing an actual user from private sector to import gold directly, Tata Group firm Titan Industries has been given nod to bring the yellow metal from overseas market.
In its application, the company had said it would help in saving one per cent of their operating cost and also it would get good quality gold.
....more info
Titan had approached Directorate General of Foreign Trade ( DGFT), under the Commerce Ministry, seeking license for direct gold import.
In a first instance of the government allowing an actual user from private sector to import gold directly, Tata Group firm Titan Industries has been given nod to bring the yellow metal from overseas market.
In its application, the company had said it would help in saving one per cent of their operating cost and also it would get good quality gold.
....more info