LIC-backed multibagger penny stock at Rs 69.62 hit upper circuit & 52-week high; Board likely to raise funds via preferential issue!
The stock gave multibagger returns of 173.55 per cent from its 52-week low of Rs 25.45 per share.
PC Jeweller Ltd is scheduled to hold a board meeting on July 13, 2024, to discuss and potentially approve raising funds through a preferential issue. This type of issuance involves offering new shares to select investors, and the meeting will determine the price of these shares along with seeking necessary approvals.
Today, shares of PC Jeweller Ltd hit a 5 per cent upper circuit to Rs 69.62 per share from its previous closing of Rs 66.31. The stock also made a fresh new 52-week high of Rs 69.62 while its 52-week low is Rs 25.45.
PC Jeweller Ltd is an Indian company that designs, manufactures, sells and trades gold, 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. According to its Quarterly Results (Q4FY24) and annual results (FY24), the company reported a mixed set of numbers.
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The company has a market cap of Rs 3,200 crore. The shares of the company are trading at 1.08 times its book value. As of March 2024, Life Insurance Corporation of India (LIC) owns a 1.45 per cent stake in the company and FIIs have increased their stake to 0.93 per cent compared to 0.78 per cent in December 2023. The stock gave multibagger returns of 173.55 per cent from its 52-week low of Rs 25.45 per share and investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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