Jewellry stocks under hammer...

Shares of frontline jewellery companies are under hammer and trading lower by up to 12% on concerns that a frequent rises in gold import duty and the sustained depreciation of the Rupee against the dollar may dampen the growth of the sector.

Tara jewels,TBZ,Gitanjali are down in the range of  2-17% on the BSE. The Government increased duty on gold from 6% to 8%, this was the second time in six months that the duty was raised. In january,the government has raised the duty to 6% from 4%.
Tara jewels has dipped by 3.35%,TBZ is down by 4%,Gitanjali has tanked 3.79%.

Elder Pharma surges on Promoter stake sale.

Elder Pharmaceuticals locked in upper circuit of 4.98% at Rs.358.85 on reports that the promoter is looking for Buyer for the company.
      The Mumbai based pharmaceutical company has mandated multinational consultancy firm Ernst & young and Japanese investment banking firm Nomura Securities to manage a formal process to find a buyer through a negotiation transaction.
 The stock opened at Rs.350 and hit a low of Rs. 348 on NSE.