550% returns in five years! Multibagger stock close to 52-week high ahead of preferential share allotment
- Multibagger stock: PC Jeweller shares rose over 4% ahead of a preferential share allotment. The board will meet on December 11, 2024, to approve the issuance of over 5 million equity shares. Analysts suggest a potential upward move toward 185, with immediate support at 170.
Multibagger stock: PC Jeweller share price surged over 4% in Monday's trading session ahead of preferential share allotment.
In a filing with the exchanges, PC Jeweller announced that its board is scheduled to convene on Wednesday, December 11, to authorise the issuance of 5,17,11,462 equity shares through a preferential allotment via private placement.
PC Jeweller share price today opened at ₹175 apiece. The stock touched an intraday high of ₹179 per share and an intraday low of ₹168.50.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, PC Jeweller share prices have shown a significant recovery from their recent low of 140, with a flag pattern breakout visible on the daily chart. This suggests the potential for an upward move toward the previous high of 185, which serves as a crucial resistance. On the downside, immediate support is placed at 170.
Corporate Action
Recently, PC Jeweller announced that it has fixed December 16, 2024, as the record date for the split of its equity shares. The company will split its shares in a ratio of 1:10. In this move, each equity share with a face value of ₹10 will be divided into 10 equity shares with a face value of Re 1 each. Notably, this marks the first stock split in the company's history.
PC Jeweller focuses on trading, manufacturing, and selling a diverse range of jewellery and articles. Their offerings include exquisite gold, diamond, silver, and precious stone pieces, showcasing a variety of designs and specifications.
The company recorded domestic sales of ₹505 crore in Q2 FY 2025, compared to ₹33 crore in Q2 FY 2024. For the first half of FY 2025, sales amounted to ₹906 crore, up from ₹101 crore in H1 FY 2024.
Additionally, the company’s EBITDA showed significant improvement, with a profit of ₹129 crore in Q2 FY 2025, versus a loss of ₹23 crore in Q2 FY 2024. In H1 FY 2025, the company achieved a profit of ₹218 crore, compared to a loss of ₹65 crore in H1 FY 2024.
“The reduction in custom duty on gold imports from 15% to 6% announced in the Union Budget, also contributed in the strong Q2 FY 2025 results,” the company said in an exchange.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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