New Delhi, May 13 -- Major gold financier stocks, such as Manappuram Finance, Muthoot Finance, and IIFL Finance, jumped 4-5% on Wednesday following a sharp jump in gold and silver prices after the government hiked import duties on gold and silver to 15%.

Manappuram Finance shares ended 5.63% higher, while those of Muthoot Finance and IIFL Finance jumped 4.65% and 4.31%, respectively, on the BSE.

The government has increased the basic customs duty on several categories of gold and silver imports to 10% from 5%, along with the Agriculture Infrastructure and Development Cess (AIDC) of 5%, taking the total effective import tax to 15%.

The government's move is aimed at curbing precious metal imports, narrowing the trade deficit and supporti...