PC Jeweller hits upper circuit of 5% at Rs 169.50 after the Bank of India submitted its approval to the One Time Settlement (OTS) proposal submitted by the company to settle the outstanding dues.
The terms and conditions of OTS include cash and equity components payable under settlement, release of securities and mortgaged properties etc.With this approval, all the fourteen consortium member banks have approved the OTS proposal submitted earlier by the company.
PC Jeweller is one of the leading players in the gems and jewellery segment in India. It is engaged in the manufacture, retail and export of gold, diamond and studded jewellery.
The company reported consolidated net profit of Rs 156.06 crore during the quarter as compared with net loss of Rs 171.62 crore in Q1 FY24. Net sales surged to Rs 401.15 crore in Q1 FY25 as compared with Rs 67.68 crore in Q1 FY24.
The counter hit 52-week high at Rs 169.50 in intraday today.
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