Shares were PC Jeweller were sharply up today, continuing their recovery from 52-week lows hit last week. PC Jeweller shares rose as much as 38 per cent to Rs 240.30 at their day's high today. Share prices of the jeweller hit a 52-week low of Rs 95.05 during intra-day trade on May 3. The latest trigger for the rebound in PC Jeweller shares is the advancement of its board meeting to consider share buyback. In a communication to exchanges, PC Jeweller said a separate meeting of its board will be held on Thursday, May 10, to consider the proposal for buyback of fully paid-up equity shares of the company.
PC Jeweller also reiterated that its board will meet on May 25 to consider financial results and recommendation of dividend.
Last month, on April 29, 2018, PC Jeweller had in a communication to exchanges said that a board meeting of the company will be held on May 25 to consider and approve the financial results, consider recommendation of dividend and consider the proposal for buyback of fully paid-up equity shares of the company.
PC Jeweller share prices have been under pressure since hitting a 52-week high of Rs 600.65 in January this year.
Last week, BSE had sought clarification from the company with reference to news reports that CBI has arrested the owner of PC Jeweller. Later, in a clarification issued to BSE, the company said: "We would like to clarify that the news item is factually incorrect."
In the same clarification, PC Jeweller also said that "we would like to assure our investors, shareholders and other stakeholders that there is nothing wrong with the company and its operations, the fundamentals of the Company remain strong and it continues to move ahead on growth path."
At noon trade, PC Jeweller share prices were up 33 per cent to Rs 233 as compared to a 0.44 per cent gain in Sensex.