Since the outbreak of the pandemic, the perception of gold as an asset class has seen healthy traction. The management indicated that sentiments for plain gold jewellery and gold coins have improved on the back of significant surge in gold prices and expectations of further spike. Overall recovery rate for jewellery division rose to 77% in June and 101% in July (due to preponing of studded activation, low base effect). The management expects to exit Q2FY21E with recovery rate of 80% and gradual improvement in ensuing quarters. Owing to sluggish demand for studded jewellery, we...