MUMBAI, May 22 (Reuters) - Indian jewellery maker Rajesh Exports Ltd expects its net profit for the quarter ending Sept. 30 to rise 25-30 percent, helped by the easing of gold import rules by the central bank, its chairman said on Thursday.
Shares of jewellery companies such as Titan Co Ltd and Rajesh Exports surged on Thursday, after the Reserve Bank of India expanded the number of private agencies that can import the precious metal.
“This will have good positive impact in terms of our profitability and revenues. We expect the impact to come from next quarter onwards,” chairman Rajesh Mehta told Reuters in an interview.
Shares of Rajesh Exports ended up 13.2 percent on Thursday, while the main Mumbai market index rose 0.3 percent. (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)