Shares of India’s largest jewelry retailer rose 2% to their day’s high of Rs 4,295 on the BSE on Friday after brokerages continued to retain its bullish stance on the stock following the company’s latest analyst meeting. With today’s gain, the stock is up for a fourth straight session.
The meet came at a time when the outlook for gold and jewellery demand remained uncertain. Sentiment has been weighed down by a combination of factors, including fading expectations of interest rate cuts amid rising oil prices linked to the Iran conflict, an increase in import duties, and Prime Minister Narendra Modi's call for consumers to refrain from buying gold for a year to help arrest the rupee's sharp decline.
