PC Jeweller hits 52-week high despite loan repayment default

PC Jeweller share: PC Jeweller's net sales came in at Rs 897.58 crore in September 2022, up 60.36 per cent from Rs. 559.74 crore in September 2021.

PC Jewellers announced its quarterly results on October 27. Pic: Reuters/ https://twitter.com/PCJeweller

PC Jeweller Ltd (PCJEWELLER | 534809 | INE785M01013) share price hit a new 52-week high price of Rs 104 in early morning deals on Friday despite the New Delhi-based jewellery firm defaulting on its Rs 3,466.28 crore loan.

The PC Jeweller stock opened at Rs 100.25 and hit the day’s high at Rs 104 and the low’s at Rs 18.65. At 9:42 am, the stock price was quoted at Rs 102.95 on BSE.

The default on loan came on a day PC Jeweller reported its quarterly net profit, which more than doubled at 208.91 per cent to Rs 85.92 crore year-on-year. The company had reported a net profit of Rs. 78.89 crore in September 2021 in the corresponding quarter a year ago.

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PC Jeweller's net sales came in at Rs 897.58 crore in September 2022, up 60.36 per cent from Rs. 559.74 crore in September 2021.

The company has reportedly applied for the resolution of its debt and the proposal is under consideration.

PC Jeweller stock is up around 290 per cent so far this year and the one-year return on the stock is around 268 per cent. To put into perspective, the stock was priced at Rs 26.90 apiece on January 3 earlier this year and is now trading over Rs 100 levels.

Meanwhile, benchmark indices sensex was trading at 59,978.57, up by over 220 points or 0.37 per cent at 9:24 am and Nifty50 was trading at 17,794.75, higher by 57.80 points or 0.33 per cent.

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