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PC Jeweller extends rally as company clears outstanding debt
Shares rose more than 3% intraday and the company expects to finish remaining repayments by end of September to reach a debt free status.
PC Jeweller shares extended gains for a second straight session on Thursday, 10 September, after the company said it has cleared and repaid its outstanding debt. The stock opened at ₹13.95 on the NSE, compared with a previous close of ₹13.87 on Wednesday, and was up over 3% during the intraday session, according to LiveMint Markets.
During the day, PC Jeweller traded between an intraday high of ₹14.35 and an intraday low of ₹13.94. At 9:45 am, its market capitalization stood at ₹13,779.25 crore.
The latest move follows PC Jeweller’s exchange filing on Tuesday, which said it fully repaid dues to 10 of the 14 consortium banks, with repayments made ahead of scheduled due dates. For the remaining four banks, the company repaid more than 96% of outstanding debt, leaving less than 4% pending, and it expects to complete the rest by the end of September to achieve a debt free status.
LiveMint Markets also noted the stock’s recent momentum, with shares jumping 4% on Wednesday after a brief profit booking on Tuesday ended a three session gaining streak. The rally has driven returns of over 34% in a week and 44% in a month, with performance also up 52% year to date, as well as roughly 8% on the year to date basis cited in the article.