PC Jeweller zooms more than 100% in three days from 52-week low

The stock surged 21% to Rs 212, bouncing back more than 100% from its 52-week low touched on last Thursday, after the company preponed the board meeting to consider share buyback proposal.

Shares of PC Jeweller have surged 21% to Rs 212 per share on Monday in early morning trade, bouncing back more than 100% from its 52-week low touched on last Thursday, after the company preponed the board meeting to consider share buyback proposal.

“The board of directors of the company will meet on Thursday, May 10, 2018, to consider the proposal for buy back of fully paid-up equity shares of the Company,” PC Jeweller said in a BSE filing.

Earlier, on April 28, 2018 PC Jeweller had said board meeting to be held on May'25, 2018 for approval of financials, recommendation of dividend(s) and proposal for buy-back of equity shares.

This is to inform you that now a separate meeting of the board of directors of the Company will be held on Thursday, May 10, 2018, to consider the proposal for buy back of fully paid-up equity shares of the Company, the company said on Saturday, May 5, 2018.

The stock of jewellery firm rallied 123% from its 52-week low of Rs 95 recorded on Thursday during intra-day trade after PC Jeweller denied reports of CBI search.

“We would like to clarify that the abovementioned news item published in "BTVI" dated 3rd May, 2018 is factually incorrect and Shri Balram Garg, Managing Director of the Company has already appeared on Zee Business for a live interview and clarified the position,” the company said with reference to news appeared in Bloomberg TV dated May 03, 2018 quoting "CBI arrests owner of PC Jeweller."

The Company makes timely disclosures of all the events, information etc. that have a bearing on the operation / performance of the Company which include price sensitive information etc. Further, we wish to clarify that presently the Company is not having any such information, which requires disclosure as aforesaid. We do not find any justification or reason behind decrease in price of equity shares of the Company today, it added.

Despite of over 100% rally from its 52-week low, the stock is still down 65% from its 52-week high level of Rs 600 recorded on January 16, 2018.

At 09:21 am; the stock was trading 19% higher at Rs 208 on the BSE, as compared to 0.37% rise in the S&P BSE Sensex. A combined 13.06 million shares changed hands on the counter on the NSE and BSE.