- PC Jeweller shares rose over 6% after repaying debt to 12 of 14 banks
- PC Jeweller has cleared more than 98% of its bank debt, aiming to be debt-free by September
- Gold futures fell 0.35% to Rs 1,52,177 per 10 grams on the Multi Commodity Exchange
Jewellery stocks were mixed in Wednesday's trade, with PC Jeweller Ltd. gaining over 6% after the company moved closer to becoming debt-free, while Titan Company Ltd. and BlueStone Jewellery and Lifestyle Ltd. declined.
Gold and silver prices also eased on the Multi Commodity Exchange, adding to the mixed backdrop for jewellery stocks.
PC Jeweller Gains 6% On Debt Repayment Update
PC Jeweller shares were trading at Rs 14.57, down 7.3%, from the previous close of Rs 13.58, at around 2:10 p.m. The stock jumped up to Rs 14.86, with a low of Rs 13.64 till now.
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The gain came after PC Jeweller said it had cleared and repaid outstanding debt owed to one more consortium bank under its settlement agreement. With this repayment, the company has now repaid all outstanding debt to 12 of its 14 consortium banks, with repayments completed ahead of scheduled due dates.
PC Jeweller has now discharged more than 98% of its outstanding bank debt. The company said it remains on track to clear the remaining less than 2% and achieve debt-free status in September, which it expects will materially strengthen its balance sheet and financial position.
Also Read: Gold Steadies As Iran Talks Temper Concerns Over Fed Rate Path
Gold, Silver Ease; Jewellery Stocks Mixed
Gold and silver prices slipped on the MCX on Wednesday, with October gold futures trading at Rs 1,52,177 per 10 grams, down 0.35% from the previous close of Rs 1,52,716.
December silver futures were also lower at Rs 2,38,320 per kg, down 0.65% from the previous close of Rs 2,39,888.
Jewellery stocks, meanwhile, saw mixed movement. Thangamayil Jewellery Ltd. gained 3.83% to Rs 5,315.50, while Kalyan Jewellers India Ltd. rose 0.44% to Rs 586.65.
Titan shares fell 1.21% to Rs 4,869, while BlueStone Jewellery and Lifestyle declined sharply by 9% to Rs 846. Sky Gold and Diamonds Ltd. was also trading lower, down 0.74% at Rs 796.65.
The mixed moves in jewellery stocks came despite the decline in gold and silver prices, with company-specific factors driving sharper gains and losses in individual cou
Also Read: Buy, Sell Or Hold: Tata Motors PV, Airtel, Inox Wind, Lalithaa Jewellery Mart — Ask Profit
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