PC Jeweller climbs over 5% ahead of Q4 results
NEW DELHI: Shares of jewellery store PC Jeweller on Friday climbed more than 5 per cent ahead of its March quarter results, due later in the day.
The stock hit an intraday high of Rs 197.95 on the BSE.
Earlier this month, the company's board approved a proposal to buy back 1.21 crore shares of Rs 10 each. This comprises 3.07 per cent of the total paid-up equity capital at Rs 350 per share.
The stock has been on a rollercoaster ride on one or the other rumours, even since one of its promoters gifted some shares to some undisclosed relatives. Allegations about the PCJ's undisclosed business relations with Vakrangee, a company market regulator Sebi has been probing for the alleged price and volume manipulation in its stock, have left investors jittery.
The stock has witnessed a sharp plunge over the past five months, falling to Rs 188.05 on May 24 from Rs 606.65 on January 16.
The company management has denied all allegations and served clarifications from time to time, assuring investors of its strong fundamentals. The sharp fall in the stock prompted the company to come up with the share buyback.
At 01:52 pm, the stock was trading at Rs 194.15 on the BSE, up 3.24 per cent.
The stock hit an intraday high of Rs 197.95 on the BSE.
Earlier this month, the company's board approved a proposal to buy back 1.21 crore shares of Rs 10 each. This comprises 3.07 per cent of the total paid-up equity capital at Rs 350 per share.
The stock has been on a rollercoaster ride on one or the other rumours, even since one of its promoters gifted some shares to some undisclosed relatives. Allegations about the PCJ's undisclosed business relations with Vakrangee, a company market regulator Sebi has been probing for the alleged price and volume manipulation in its stock, have left investors jittery.
The stock has witnessed a sharp plunge over the past five months, falling to Rs 188.05 on May 24 from Rs 606.65 on January 16.
The company management has denied all allegations and served clarifications from time to time, assuring investors of its strong fundamentals. The sharp fall in the stock prompted the company to come up with the share buyback.
At 01:52 pm, the stock was trading at Rs 194.15 on the BSE, up 3.24 per cent.