PC Jeweller share price extended gains for the second session straight on Thursday, 10 September. The jewellery stock opened at ₹13.95 per share on NSE today, as compared to the previous close of ₹13.87 on Wednesday and rose over 3% during the intraday session.
The stock touched an intraday high of ₹14.35 apiece and an intraday low of ₹13.94 on Thursday. The market capitalisation of PC Jeweller stood at ₹13,779.25 crore, as of 9:45 am.
On Wednesday, PC Jeweller shares jumped 4%, rebounding after Tuesday’s profit booking ended the stock’s three-session gaining streak.
What's behind the rally?
The stock rally came in after the company said that it has successfully cleared and repaid all its outstanding debt.
In its latest exchange filing on Tuesday, the company said it has fully repaid its outstanding dues to 10 of the 14 consortium banks, with all repayments made ahead of their scheduled due dates.
The company said it has also repaid more than 96% of the outstanding debt owed to the remaining four banks. With less than 4% of the dues still pending, PC Jeweller expects to complete the remaining repayments by the end of September and achieve a “debt-free” status. According to the company, this milestone will significantly strengthen its balance sheet and overall financial position.
The settlement agreement, signed in September 2024, was a one-time settlement between PC Jeweller and a consortium of 14 banks led by State Bank of India (SBI). The agreement was aimed at resolving the company’s stressed loan exposure, which stood at nearly ₹4,100 crore as of March 2024. The consortium also included Union Bank of India, Punjab National Bank (PNB), Axis Bank, IndusInd Bank, Bank of India, IDBI Bank, Karur Vysya Bank, Kotak Mahindra Bank, Indian Overseas Bank, Canara Bank, Indian Bank, Bank of Baroda and IDFC First Bank.
PC Jeweller share price trend
PC Jeweller share price has given positive returns despite weak market sentiment. The stock has surged over 34% in a week and 44% in a month.
Furthermore, the stock has strengthened 52% on year-to-date (YTD) basis and onearly 8% in year.
Looking at the broader level, the jewellery stock has more than doubled investors' money by delivering multibagger returns of 410% in three years and 446% in five years.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
