Rajesh Exports accorded the status of a Nominated Agency for import of gold for domestic consumption

Rajesh Exports Ltd has announced that the Company has been accorded the status of a Nominated Agency for import of gold for domestic consumption. Till recently only certain banks and very few Public Sector Units were accorded the status of Nominated Agency. All the gold imported into the country is allowed to be imported only through nominated agencies.

With the Company now being able to import gold directly on its own, it would help the it tremendously in its retail foray. The Company is aggressively expanding as an organised retailer of jewellery in India through its Laabh Jewellers and Shubh Jewellers brands.

The Company will no longer be dependant on any other source or entity for imports of its gold requirements. It would also save cost to the Company, as the commission to be paid to nominated agency would not be required to be paid hence forth. Also the Company would be able to plan its imports on its own for domestic consumption, with out being dependent on any other agency.

The stock was trading at Rs.563, up by Rs.2.30 or 0.41%. The stock hit an intraday high of Rs.573.90 and low of Rs.561. The total traded quantity was 51034 compared to 2 week average of 91588.

Source : Equity Bulls

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