FIIs Bought 76,18,330 Shares; 571 Per Cent Returns From 52-Week Low & 10:1 Stock Split: LIC-Backed Multibagger Stock Hits Upper Circuit For 4th Straight Trading Session
The stock gave multibagger returns of 571 per cent from its 52-week low of Rs 27.66 per share.
Today, shares of PC Jeweller Ltd hit a 5 per cent upper circuit to Rs 185.65 per share from its previous closing of Rs 176.85. The stock’s 52-week high is Rs 186.80 per share and its 52-week low is Rs 27.66 per share. The stock has been hitting the upper circuit for 4th straight trading session.
PC Jeweller Limited has announced plans to stock split each of its existing 1 equity shares having a face value of Rs 10 each into 10 smaller shares having a face value of Re 1. The record date for the stock split is not yet fixed.
PC Jeweller Limited has recently allotted 435,972 equity shares to two allottees upon the conversion of fully convertible warrants. This allotment was made after receiving the balance amount of Rs 1,83,76,219.80 at a rate of Rs 42.15 per warrant. As a result of this allotment, the company's paid-up equity share capital has increased.
In addition to this, the company has received a significant boost with the approval of its 'One Time Settlement' proposal by the Bank of India and the consortium of banks. The settlement terms include both cash and equity components and will help the company resolve its outstanding debts. Furthermore, the company has received a refund of Rs 67.54 crore from the Income Tax Department. These positive developments indicate a significant improvement in the company's financial position.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
PC Jeweller Ltd is an Indian company that designs, manufactures, sells and trades gold, platinum, diamond and silver jewellery. They operate across India with multiple brands including Azva, Swarn Dharohar and LoveGold and even created commemorative medallions for the Cricket World Cup.
The company has a market cap of Rs 8,230.67 crore. As of June 2024, Life Insurance Corporation of India (LIC) owns a 1.45 per cent stake in the company and FIIs bought 76,18,330 shares and increased their stake to 2.57 per cent compared to 0.93 per cent in March 2024. The stock gave multibagger returns of 571 per cent from its 52-week low of Rs 27.66 per share. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.