In the month of May, an mutual funds across the board sold an estimated Rs 93 crore worth of the stock, according to data compiled by Morningstar.
Shares of PC Jeweller have been on a roller coaster ride in last last few weeks. In May-18, even the share buyback plan announced by the company failed to lift the investor sentiment, and the shares tumbled after the company’s biggest shareholder Fidelity sold its stake. Notably, the buyback announcement had come after the company’s share price dipped from a high of more than Rs 600 in January to Rs 95 in May-17. In the month of May, an mutual funds across the board sold an estimated Rs 93 crore worth of the stock, according to data compiled by Morningstar.
This is despite the company’s announcement of a buyback for Rs 424 crore. Notably, the firm has announced a share buyback plan on May 10th 2018. The company has announced a buyback at Rs 350 per share. The shares are trading at Rs 141, up by nearly 4% on Tuesday. The buyback price implies an upside more than 140% from the current price levels.PC Jeweller has reported a 7.48% on-year rise in profit to Rs 118.28 crore for the quarter ended March 31. It had posted a profit of Rs 110.05 crore in the corresponding quarter last year. Notably, the total income of the company slipped 4.27% on-year to Rs 2,114.50 crore during the quarter under review.
Apart from PC Jeweller, shares of Tata Global Beverages too were among the most sold shares in the month of may, with mutual funds selling Rs 73 crore worth of shares of the company. Tata Global shares shares closed at Rs 264.6 on NSE this afternoon. Notably, ace investor Porinju Veliyath has been bullish on the shares of late.
In a recent interview with CNBC TV18, Porinju reiterated that Tata Sons Chairman N Chandrasekaran is doing a wonderful job, and he is bullish on shares of Tata Global Beverages, Tata Coffee and Indian Hotels. According to Porinju, these three stocks provide safety to minority investors.
“Tata Coffee has deep value. Indian Hotels is also looking good and is at an inflection point,” he said. Apart from the above mentioned stocks, Porinju said that investors can invest in Britannia Industries through the shares of Bombay Burmah Trading Corporation.