PC Jeweller hits 52-week high ₹19.13, market cap rises 974cr
Business
PC Jeweller's stock soared 6% on Wednesday, reaching a 52-week high of ₹19.13.
The share price has more than doubled since January, adding ₹974 crore to the company's market capitalisation, thanks to some smart financial decisions that have caught investors' attention.
PC Jeweller becomes debt free
The company became debt-free ahead of schedule by settling outstanding dues under a one-time settlement linked to a stressed loan book of nearly ₹4,100 crore with a group of major banks, including SBI.
On top of that, Cupid promoter Aditya Kumar Halwasiya bought 5.10 crore shares recently, further boosting sentiment.
This combo of debt repayment and Aditya Kumar Halwasiya's share purchase has powered PC Jeweller's impressive stock run.