PC Jeweller shines bright

PC Jeweller was shining bright in today’s trade. From its weekend close of Rs.51.09, it opened and soon hit the 10% UC of the day at Rs.56.19 on the back of 6.5x jump in volumes. Its 52-week high is at Rs.66.63.

The stock price hit the UC as PNB yesterday approved a one-time settlement (OTS) of its outstanding dues.

The terms and conditions of approved OTS include cash and equity components payable under settlement, release of securities and mortgaged properties etc.

Though the company had opted for OTS to settle the outstanding dues with a consortium of bank, it did not however mention the amount under outstanding dues.

With this behind it now, the company said that its focus was increasing its brand presence and has initiated new marketing efforts, expecting visible impacts in the first quarter of the current fiscal year. It is also planning to launch new jewellery collections, revamp its franchisee business, and optimize costs.

The company currently has a network of 60 showrooms (including 6 franchisee showrooms) in 44 cities across 15 states in India as of March 31, 2024.