PC Jeweller share price on a rollercoaster ride; stock tanks a whopping 51% in 7 sessions
PC Jeweller share price rallied as much as 17.87 per cent to Rs 209.70 in early trade, but pared gains to lose up to 14 per cent to Rs 153.20 on the BSE. The stock had already tanked a whopping 44 per cent in last six days by Friday's close.
PC Jeweller share price extended losses for the seventh straight session, plunging another 18 per cent on Monday after recovering briefly in the morning trade. The jewellery firm on Sunday informed exchanges that it will consider a proposal for buy back of fully paid-up equity shares of the company in its board meeting scheduled for May 25, 2018. The company will release its March quarter results for FY18 the same day.
PC Jeweller share price rallied as much as 17.87 per cent to Rs 209.70 in early trade, but pared gains to lose up to 21 per cent to Rs 140.70 on the BSE in intraday trade. The stock settled at Rs 145, tanking a whopping 51 per cent in the last seven sessions.
Avinnash Gorakssakar, head of research, Joindre Capital, said investors in PC Jeweller should exit the counter as buyback will not turnaround cautious sentiment around the stock.
"Buyback announcements by companies like PC Jeweller and Vakrangee don't matter much. Given the kind of headwinds that these companies have been facing, it's prudent to sell these stocks at current levels and rather invest in Titan, a well-established jewellery brand," advised
Analysts are unanimous on PC Jeweller stock outlook. Earlier, Sandeep Jain, Director - Tradeswift and Rakesh Bansal, VP, RK Global had advised selling PC Jeweller shares at first opportunity.
"A meeting of the board of directors of the company will be held on May 25, 2018, to consider the proposal for buy back of fully paid-up equity shares of the company," PC Jeweller said in its filing to exchanges.
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The board members will also consider and approve the audited standalone and consolidated financial results for the quarter/financial year ended March 31, 2018.
Recommendation of dividend on preference shares for the period from April 01, 2017 to September 01, 2017, and recommendation of dividend, if any, on equity shares for the financial year 2017-18 will also be considered by the board members, informed the jewellery maker in a regulatory filing.
The company also said that the trading window for trading in its shares will remain closed from April 30, 2018 to May 27, 2018. "In view of the company's "Code of Conduct to Regulate, Monitor and Report Trading by Insiders", the Trading Window for trading in the shares of the company shall remain closed from April 30, 2018 to May 27, 2018 (both days inclusive).