Titan Company, Senco Gold, and Other Jewellery Stocks in Focus After PM Modi’s Appeal

Shares of jewellery companies such as Titan Company, Senco Gold, Kalyan Jewellers, Goldiam International, and Thangamayil Jewellery are likely to remain in focus on Monday, May 11, after Prime Minister Narendra Modi appealed to citizens to avoid non-essential gold purchases for one year.

The Prime Minister also encouraged consumers to prioritise Made-in-India and locally manufactured products, including everyday items such as shoes, bags, and accessories. The appeal comes amid rising geopolitical tensions in West Asia, which have pushed global gold and crude oil prices higher and increased concerns over India’s import bill and foreign exchange reserves.

PM Modi’s Appeal Linked to Rising Import Costs and Forex Pressure

India is among the world’s largest importers of gold, with domestic demand largely driven by weddings, festivals, and investment purchases. Since gold imports are paid for in US dollars, higher global prices can increase pressure on India’s trade deficit and weaken the rupee.

By urging consumers to temporarily avoid non-essential gold purchases, the government aims to reduce dollar outflows and preserve foreign exchange reserves during a period of heightened global uncertainty. Analysts believe the move is intended as a precautionary measure to support macroeconomic stability as geopolitical tensions continue to impact commodity markets.

The government’s emphasis on Made-in-India products also aligns with its broader push to strengthen domestic manufacturing and reduce dependence on imports.

Titan Confident About Gold Supply and Sourcing Flexibility

Despite concerns surrounding gold availability and rising prices, Titan Company has said it remains comfortable managing short-term supply challenges through its strengthened sourcing strategy.

The company stated that its gold exchange programme, which gained momentum from the third quarter onwards, has improved sourcing flexibility for its jewellery business. Titan CFO Ashok Sonthalia noted that the programme has been running successfully and has added another level of resilience to procurement operations.

Titan recently reported that its FY26 topline crossed ₹75,000 crore, reflecting continued strength in its jewellery business despite global market uncertainties.

Read more: NSE Launched Electronic Gold Receipts: How Much Gold Can You Buy?

Conclusion

Jewellery stocks including Titan Company, Senco Gold, Kalyan Jewellers, Goldiam International, and Thangamayil Jewellery are expected to remain under investor watch after PM Modi’s appeal to curb non-essential gold purchases. While the statement may weigh on near-term market sentiment, industry players remain optimistic about long-term demand supported by India’s strong cultural affinity for gold jewellery.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

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