Introduction:
Gudi Padwa, also known as Samvatsara Padvo, is a significant festival in India. It marks the beginning of the Hindu New Year and is celebrated with much enthusiasm and fervour, especially in Maharashtra and Goa. The day of Gudi Padwa (9 April 2024) symbolises new beginnings, prosperity, and the onset of spring.
As families come together to celebrate this auspicious occasion, it's also the time when many consider buying gold, an auspicious metal that signifies wealth and prosperity. While investing in physical gold has been a traditional choice, gold stocks and Exchange Traded Funds (ETFs) have emerged as popular options among investors. These instruments allow you to invest in digital gold and eliminate the hassles associated with the storage and safety of physical gold.
Best gold stocks and ETFs to invest in this Gudi Padwa
Continue reading to explore the list of best gold stocks and ETFs you can consider investing in on the auspicious occasion of Gudi Padwa 2024:
Titan Company Limited is a renowned name in the Indian consumer market. While the company’s primary business includes watches and eyewear manufacturing, it is also a significant player in the jewellery segment through its brand Tanishq. While Titan is not solely focused on gold, its jewellery division contributes significantly to its revenue, making it a diversified option for investors looking to invest in gold-related stocks.
As of 19 March 2024, Titan Company Limited’s shares were trading for Rs. 3,583.90 per share on the National Stock Exchange (NSE) and Rs. 3,585.00 per share on the Bombay Stock Exchange (BSE). The company’s market cap stood at Rs. 3,18,054 crores.
Rajesh Exports Limited is one of the largest jewellery manufacturers in the world, specialising in gold and diamond jewellery. Apart from jewellery manufacturing, the company also dabbles in gold refining. It has a strong presence in the domestic as well as international markets, making it a compelling choice for investors seeking exposure to the gold industry with a global footprint.
As of 19 March 2024, Rajesh Exports shares were trading for Rs. 287.95 per share at the NSE and Rs. 288.30 per share at the BSE. The stock had an all-time high level of Rs. 674.60. The company’s market cap stood at Rs. 8,503 crores.
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Kalyan Jewellers India Limited
Established in 1993 by T S Kalyanaraman with its headquarters in Thrissur, Kerala, Kalyan Jewellers boasts over 140 showrooms across India and the Middle East. Offering an extensive collection of gold and diamond jewellery and other precious metal pieces, the company's gold reserves stand as a symbol of its esteemed reputation and the trust it garners from investors.
As of 19 March 2024, Kalyan Jewellers shares were trading for Rs. 361.85 per share at the NSE and Rs. 361.65 per share at the BSE. The stock has gained 199.30% since the last year. The company’s market cap stood at Rs. 37,757 crores.
Muthoot Finance Limited is primarily known for its gold financing business. However, the company is also indirectly linked to the gold market. As a leading provider of gold loans in India, Muthoot Finance's fortunes are intertwined with the price of gold. Investing in Muthoot Finance stocks offers you an alternative way to capitalise on the potential upside in the gold market.
As of 19 March 2024, Muthoot Finance shares were trading for Rs. 1,333.60 per share at the NSE and Rs. 1,332.40 per share at the BSE. The stock is currently trading above its short-term moving average.
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Nippon India Gold ETF BeeS
Managed by Vikram Dhawan since 2022, this ETF endeavours to track domestic gold prices by maintaining physical gold holdings. It offers you an opportunity to gain exposure to the gold market without the necessity of direct metal ownership, presenting a convenient and transparent avenue to capitalise on the potential of gold.
As of 19 March 2024, the Nippon India Gold ETF BeeS Net Asset Value (NAV) stood at Rs. 55.70 and the total AUM size stood at Rs. 8,929 crores.
To conclude
As you look to capitalise on the auspicious occasion of Gudi Padwa, these gold stocks present an attractive investment opportunity. While investing in gold stocks can offer exposure to the precious metal, it's essential to conduct thorough research and consider your financial goals before making any investment decisions.