PC Jeweller rises 38% as board meet preponed to consider buyback of shares

Shares of PC Jeweller rose 38 percent intraday Monday as company is going to consider the proposal for buy back of fully paid-up equity shares on May 10, 2018.

Earlier, the company had decided to consider its financials, recommendation of dividend and proposal of buyback of shares in its meeting scheduled to be held on May 25, 2018.

In the Friday’s trading session, the share closed up 43.72 percent at Rs 174.55.

In the last three trading sessions the stock price soared 104 percent.

On Thursday, shares of PC Jeweller remained volatile even as the company denied reports that the Central Bureau of Investigation (CBI) was conducting searches at its stores in Nagpur.

Speaking to Moneycontrol, PC Jeweller’s CEO Balram Garg denied talk of CBI searches at its Nagpur stores.

There were media reports about Garg having been arrested by the CBI on Wednesday.

We have not been questioned by the CBI nor have been approached by SEBI (in connection with the fall in share price), Garg said.

At 11:00 hrs PC Jeweller was quoting at Rs 226.35, up Rs 51.80, or 29.68 percent on the BSE.

Posted by Rakesh Patil

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