Titan Industries' shares fell over 3%, touching the weekly low of Rs225.10, on concerns that the government may raise import duty on gold in the annual Union Budget to be presented today.
“To restore trade balance as country’s trade deficit that has ballooned to $148.7 billion between April – January 2012 as against $105.9 billion in the same period a year ago, the centre has hinted at putting in place measures to discourage unproductive imports like gold and consumer goods,' reports suggest.
Gold imports in the country have gone up from $40 billion in 2010 to $58 billion in 2011, a jump of 45% while the volume has grown marginally from 963 tonne to 969 tonne in 2011. This is on the back of 30-35% increase in gold prices in the last one year, added the report.
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“To restore trade balance as country’s trade deficit that has ballooned to $148.7 billion between April – January 2012 as against $105.9 billion in the same period a year ago, the centre has hinted at putting in place measures to discourage unproductive imports like gold and consumer goods,' reports suggest.
Gold imports in the country have gone up from $40 billion in 2010 to $58 billion in 2011, a jump of 45% while the volume has grown marginally from 963 tonne to 969 tonne in 2011. This is on the back of 30-35% increase in gold prices in the last one year, added the report.
....more info