PC Jeweller share price surged over 100% from Rs 48.79 per share on October 25 to Rs 96.40 on November 5, doubling investors money in just seven sessions of trade. Amid festive season buying, PC Jeweller stock leaped to an intra-day high of Rs 100.05 per share on the BSE on Monday. However, profit booking pulled the stock lower today, which fell nearly 7% intraday to a low of 88.10 per share.
At Monday’s close, the market capitalisation of the company stood at Rs 3,727 crore. PC Jeweller stock price has plunged nearly 80% year-to-date from its December 28 close at Rs 456.60 per share. The stock has witnessed much volatility since the beginning of this year, falling up to 26% intraday in July after the firm withdrew its buyback offer. Established in 2005, PC Jeweller is engaged in the business of manufacturing, sale, and trading of gold jewellery, diamond studded jewellery and silver items and is the second-largest listed jewellery retailer in India.
The company’s corporate earnings for the second quarter ended September 2018 are due on November 14. In the previous quarter, PC Jeweller had reported a rise of 4.5% growth in its net profit at Rs 142 crore, while its sales grew by 14.4% to Rs 2,423 crore for the quarter under consideration. Out of total sales, domestic market contributed Rs 1,616 crore while exports were to the tune of Rs 807 crore.
In the first quarter, PC Jeweller had cut its net debt by nearly 10% to Rs 4,064 crore, with a target to bring it down to less than Rs 3,000 crore by the second quarter of 2018. The company had “voluntarily repaid bank debt of Rs 426 crores in Q1 FY19”, it had said in an analyst presentation, after which the net debt declined to Rs 4,064 crore as on June 30, from Rs 4,490 crore as on March 31, 2018.