Majority of the retail stocks are trading in the red with Future Retail and Provogue being the biggest losers. As per a leading financial daily, jewellery manufacturers have started stepping up jewellery imports to make up for the shortfall in gold supplies arising from restrictions on bullion imports. Currently gold imports are subject to 80:20 scheme under which jewellery merchants are required to re-export 20% of the gold imported before making a fresh order. But the 80:20 rule does not apply to jewellery imports. Another advantage is that imported jewellery comes in 92% purity or even in 18 carats making it easier for jewellers to import, melt and make jewellery as per Indian preferences. Jewellery imports attract a duty of 15% as compared to a duty of 10% on bullion imports. But the high premium on bullion makes jewellery imports viable even at a high duty. Titan stock is currently trading up by 0.5%.
Majority of the energy stocks are trading in the red with Oil India and ONGC being the major losers. Chennai Petroleum and Essar Oil are among the few stocks trading in the green. As per a leading financial daily, Oil India is planning to enter the dairy sector as part of its Corporate Social Responsibility (CSR) initiative. The company has signed a Memorandum of Understanding with Institute of Rural Management, Anand (IRMA) to carry out a feasibility study in two districts of Assam where Oil India has a significant presence. The study funded by Oil India will focus on developing a cooperative dairy project in Assam. The objective of the project would be to increase production of milk and dairy products and provide employment to the youths in the state. The project would be developed on the lines of the 'Amul' model. Oil India stock is currently trading down by 1.6%.