PC Jeweller to consider share buyback

PC Jeweller soared nearly 18 per cent in early morning trade on Monday, only to trade in red again even as the company announced considering a share buyback offer scheduled during the next month.

The company in its filing on Sunday said that a meeting of the board of directors will be held on May 25, 2018, to consider the proposal for buyback of fully paid-up equity shares of the company.

Providing clarification regarding the sharp fall in its stock price to the exchanges, last week, the company stated that none of the promoters of the company have sold any shares in the market. It also clarified that it is not having any information which requires disclosure and assured its stakeholders that the fundamentals of the company remains unchanged.

At 11:23 hours, PC Jeweller was trading at Rs. 162.40 per share, down Rs. 15.40 or 8.66 per cent on NSE. The scrip opened at Rs. 182.50 and touched an intraday high of Rs. 209 per share on NSE only to hit a new 52-week low of Rs. 153.70 per share on NSE. The stock already attracted a volume of 5,86,38,415 shares on NSE as against a 30 day average volume of 89,72,046 shares on NSE.