PC Jeweller up 25% after preponing board meeting to consider buy back
PC Jeweller’s board will hold a separate meeting on May 10, 2018 to consider the buyback of its fully paid equity shares
PC Jeweller has shown a sharp recovery on Monday after its announcement of preponing board meeting to consider buyback. PC Jeweller’s board will hold a separate meeting on May 10, 2018 to consider the buyback of its fully paid equity shares. Earlier, company had decided to consider the buyback of shares along with approval of financials, recommendation of dividend in its board meeting, which is scheduled to be held on May 25, 2018.
The buyback may help the company to regain the trust of shareholders. However, this does not change the fundamentals of the company.
However, except buyback, all other items of Board meeting to be held on May 25, 2018 will remain the same as per earlier intimation. The development came post massive sell off by Fidelity managed funds (~6% stake) in the open market. Earlier, the shares were down almost ~80% and touched a 52-week low of 94.55 from its 52 week high of Rs600.65 since mid-January.
Earlier on April 27, 2018, company has clarified regarding the sharp fall in stock price, informed exchanges that none of the promoters of the company have sold any shares in the market. However, one of its promoters, Padam Chand Gupta has gifted some of his shares to his family members through an off-market transaction.
PC Jeweller Ltd is currently trading at Rs219.20 up by Rs44.65 or 25.58% from its previous closing of Rs174.55 on the BSE.
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