Shares of PC Jeweller, one of the country’s leading jewellery firms, traded close to the 52-week high even as benchmark indices Sensex and Nifty tumbled in early trade as crude oil prices surged above the USD 100 per barrel mark. Selling in banks and NBFC stocks, along with weak trends in global markets, also dented market sentiment. Despite this, the stock opened with a slight gain at Rs 14.50 against the previous close of Rs 14.49 on the BSE. The counter gained to touch the intraday high of Rs 14.64, representing a jump of Rs 0.16 or 1.10 per cent. However, the stock witnessed profit booking at higher levels and fell to touch the intraday low of Rs 14.14. Last seen, the stock was trading at Rs 14.20, down Rs 0.29, or 2 per cent. The market cap of the company stood at Rs 13,832.34 crore.
However, the stock underperformed the sector by 1.5 per cent and fell after four consecutive days of gains. Technically, the stock traded higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Settles debt with 13 lenders
The stock is in focus as the company has shared details about clearing dues with one more consortium bank under the terms of its Settlement Agreement dated September 30, 2024. According to the information shared, the company has successfully paid off 13 of its 14 consortium banks ahead of their scheduled due dates, discharging over 99 per cent of its total bank debt liabilities.
“With this successful clearance of debt, the company has now repaid all the outstanding debt of 13 out of the 14 consortium banks, with all repayments completed ahead of scheduled due dates. Further, with this repayment, the company has now discharged more than 99 per cent of the outstanding debt of the banks,” the company said in an exchange filing.
Share price history
According to BSE Analytics, the stock has offered returns of 454.90 per cent in five years and 433.96 per cent in three years. On a year-to-date (YTD) basis, it has gained 51.77 per cent, compared with a 13.01 per cent dip in the benchmark index.
Earlier, the company reported a 37 per cent increase in its consolidated net profit to Rs 221.88 crore for the quarter ended June, on better revenue and said the company will become debt-free in the current quarter.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)