Bizarre surge! PC Jeweller shares gain 117% in 3 days, Rs 5,151 crore added in m-cap; volumes high

By: |
Published: May 7, 2018 10:56:50 AM

PC Jeweller share price: Shares of the New Delhi-based jewellery maker PC Jeweller have been on a roller coaster ride since last eight to nine sessions following the alleged reports of association with Vakrangee which is reportedly under SEBI probe and CBI arresting the owner of PC Jeweller.

PC Jeweller share price jumped 37.67% to a day’s high of Rs 240.3 on Monday. (Image: Company Website)

PC Jeweller share price: Shares of the New Delhi-based jewellery maker PC Jeweller have been on a roller coaster ride since last eight to nine sessions following the alleged reports of association with Vakrangee which is reportedly under SEBI probe and CBI arresting the owner of PC Jeweller. PC Jeweller share price saw a decline for the eight straight sessions resulting in a drop of more than 62% despite its management intervening and clarifying the reports as baseless. Shares of PC Jeweller plunged to a 22-month low of Rs 95.05 on Thursday on news reports that the Central Bureau of Investigation has arrested the owner of the company.

Following which, Balram Garg, MD, PC Jeweller appeared on television falsifying the claims of CBI arrest. After the affirmation from MD, PC Jeweller share price recovered ended 10% higher on Thursday. On Friday, PC Jeweller share price posted a healthy recovery and ended 43.72% higher at Rs 174.55.

On the eve of Saturday, 5 May 2018, PC Jeweller informed that it has preponed/rearranged a board meeting specifically to lookup for the proposal of buyback 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, inter-alia, to consider the proposal for buyback of fully paid-up equity shares of the company,” PC Jeweller said in an exchange filing.

With the preponement of board meeting to consider the share buyback, PC Jeweller share price jumped 37.67% to a day’s high of Rs 240.3 on Monday. With a three-day of a continuous surge, PC Jeweller share price has gained as much as 117% to Rs 240.3 from a share price level of Rs 110.65 and 153% to Rs 240.3 from a 22-month low share price level of Rs 95.05. In line with an up move in the share price of PC Jeweller, about Rs 5,151 crore has been added in the market capitalisation. As per today’s high price, PC Jeweller held a market capitalisation of Rs 9,546.45 crore versus a market capitalisation of Rs 4,395.82 crore as per the closing price of Rs 110.65 on Wednesday.

The other items such as the approval of financial statements, the recommendation of a dividend will be considered and decided in the board meeting scheduled on 25 May 2018, PC Jeweller said in a statement.

However, for the last seven days, unusual volumes were observed in the shares of PC Jeweller. Even today, as at 10:48 am, more than 10.6 crore equity shares have exchanged hands on both NSE and BSE with about 9.58 crore equity shares on NSE alone.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Stock markets update: Back growth at a reasonable price
2LIC Housing Finance stocks: Axis Capital rates ‘buy’, says results reflect improvement
3Turbulence! Indigo, Jet stocks take record tumble: Has reality dawned on aviation sector trading lofty valuations?