Senco Gold shares jumped more than 3% in morning trade after the company reported that its quarter two business update retail growth increased by 27% year-on-year, while same-store sales growth improved to 20% year-on-year.
The company attributed its robust performance in Q2 to the consistent increase in gold prices during the quarter, which was driven by central bank buying, Fed rate cuts and geopolitical tensions, all of which contributed to gold’s emergence as a store of value. For the quarter, gold prices jumped 5% sequentially and 31% year on year, while silver prices gained 3% and 30%, respectively.
As of 9:53 am, Senco Gold shares were trading 2.92% higher at Rs 1,398.25 on the NSE.
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