PC Jeweller Shares Stage Recovery, Surge 9% After Two-Day Decline
PC Jeweller Shares Rebound, Track Broader Market Gains
Shares of PC Jeweller settled 9 percent higher on Wednesday, ending a two-day losing streak. The stock had declined nearly 7 percent over the previous two sessions, but recovered most of its losses on Wednesday.
Benchmark Indices Post Gains
The broader market also showed positive signs, with benchmark indices Sensex and Nifty snapping their two-day fall. The Sensex closed at 73,272.63, up 1,325.09 points or 1.84 percent. The Nifty settled at 22,701.35, up 369.95 points or 1.66 percent.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
Company Update
In an exchange filing, PC Jeweller reported that out of 48.08 crore convertible warrants issued earlier, 79.04 lakh warrants have been converted into equity shares. As a result, the company allotted 7,90,45,290 equity shares of face value Re 1 each to two allottees under the non-promoter public category.
| Conversion Details | Values |
|---|---|
| Total warrants converted | 79,04,529 |
| Total equity shares allotted | 7,90,45,290 |
| Face value per share | Re 1 |
The allotment reflects an adjustment following a share split from Rs 10 to Re 1 per share. Upon conversion, the company received about Rs 33.31 crore at Rs 42.15 per warrant, representing 75 percent of the issue price.
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
Investor Takeaway
PC Jeweller shares staged a recovery, surging 9% after a two-day decline.
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