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PC Jeweller share price hit upper circuit after announcing that the board has approved the stock split and fundraising plan via warrants.
PC Jeweller shares were frozen in 5% upper circuit at Rs 177.95, also its multi-year high on the BSE in Monday's intra-day trade, ahead of today's board meeting to consider a stock split proposal.
The uptick in PC Jeweller stock came after the company announced that the board will meet on September 30 to consider a stock-split.
Stocks like PC Jeweller, TBZ, Kalyan Jewellers and Senco Gold can potentially rally up to 27% from current levels, suggest technical charts.
PC Jeweller was locked in the upper circuit for the fifth straight day, up 5 per cent at Rs 85.83, also hitting a 19-month high on the BSE in Friday's intra-day trade amid heavy volumes.
PC Jeweller Ltd plans to raise up to Rs 2,705 crore by issuing warrants on a preferential basis to promoters and investors, mainly to settle bank loans and for working capital requirements. Promoters will infuse around Rs 850 crore into the company by subscribing to warrants issued by the company. In a regulatory filing on Saturday, PC Jeweller informed that its board has approved the proposal to raise funds up to Rs 2,705.14 crore by preferential issue of fully convertible warrants. "The funds will be utilised primarily for settlement of bank loans. Around 75 per cent of the fund will be used for repaying bank loans and the rest 25 per cent for working capital requirements," PC Jeweller MD Balram Garg told PTI. He said the promoters would infuse Rs 850 crore into the company, while the remaining amount would be raised from investors. According to the filing, the board approved the issuance and allotment of up to 48,13,42,500 fully convertible warrants by way of preferential allot
Titan, Kalyan Jewellers, PC Jeweller among others trade with a negative bias; these support levels can help you plan your trading strategy here.
Shares of PC Jeweller advanced 4.2 per cent to Rs 59.79 per share on the BSE in Wednesday's intraday trade after Karur Vysya Bank accepted the debt laden jewellery seller's one-time settlement offer
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Public sector lender State Bank of India (SBI) has taken PC Jeweller to the National Company Law Tribunal (NCLT) with a plea to initiate insolvency proceedings against the city-based jewellery manufacturer and retailer claiming a default. A Delhi-based principal bench of NCLT had issued a notice to PC Jeweller last week directing it to file a reply over the plea filed by its financial creditor SBI under section 7 of the Insolvency & Bankruptcy Code. The principal bench headed by its President Justice Ramlingam Sudhakar had directed the matter to be listed as SBI's plea on August 2 for further consideration. However, when the matter was adjourned on Wednesday the counsel appearing for PC Jeweller sought more time to file a reply over the notice issued over SBI's plea. Following this, the insolvency tribunal has directed to list the matter on August 21 for the next hearing. PC Jeweller has been engaged in the business of trade, manufacturing and sale of gold, diamond, silver, ...
So far this month, PC Jeweller, Rajesh Exports and Kalyan Jewellers have rallied up to 21 per cent on hopes of a bumper sales this Diwali season.
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According to a media report, Koladiya's departure is due to a disagreement between him and BharatPe as well as the company's Chief Executive Officer Suhail Sameer.
Net income rose to Rs 261.74 crore in April-June 2021-22 from Rs 87.02 crore in the year-ago period.
Jewellery manufacturer and retailer PC Jeweller on Friday reported a surge in consolidated profit after tax at Rs 129.64 crore during the quarter ended December.
Sebi observed after the announcement of the buyback on May 10, 2018, the shares of PC Jeweller were locked at the upper circuit of 10 per cent.
CRISIL downgraded PC Jeweller's long term and short terms ratings to the bank loan facilities of the Company to CRISIL D.
Significant erosion in m-cap since 2018 had a weakening effect on PCJ's financial flexibility and its liquidity
Thus far in CY19, most gems and jewellery stocks have underperformed the market. Stocks such as Goenka Diamond & Jewels and PC Jeweller have slumped up to 61% as compared to 3% rise in the Sensex