Shares of Delhi-based PC Jeweller surged 9 per cent on Wednesday as equity benchmarks Sensex and Nifty bounced in early trade, tracking a sharp rally in global markets amid hopes of a potential de-escalation in the ongoing West Asia conflict. The 30-share BSE Sensex jumped 1,899.53 points to 73,847.08 in early trade. The 50-share NSE Nifty surged 572.55 points to 22,903.95. The action in the stock also comes as the company has informed exchanges about the allotment of shares to non-promoter categories.
Allotment of 79.04 lakh shares
The company has informed exchanges that out of the total 48.08 crore convertible warrants issued earlier, 79.04 lakh warrants have now been converted into equity shares. “…has allotted 7,90,45,290 (Seven Crore Ninety Lakh Forty Five Thousand Two Hundred Ninety) equity shares having a face value of ₹ 1/- (Rupee One Only) each, on conversion of 79,04,529 (Seventy Nine Lakh Four Thousand Five Hundred Twenty Nine) Warrants, to two Allottees belonging to ‘Non-Promoter, Public Category’,” the filing reads.
This allotment was done after adjusting the number of shares after a share split (from Rs 10 to Rs 1). Upon conversion of these warrants, the Company received approximately Rs 33.31 crore, at Rs 42.15 per warrant (75 per cent of the issue price).
Share price today
The stock started the trading session in the green at Rs 7.97, up from the previous close of Rs 7.52 on the BSE. It jumped further to touch the high of Rs 8.20 on the BSE, representing a gain of Rs 0.68 or 9.04 per cent from the previous close. During the day, it touched the intraday low of Rs 7.79. The company’s market cap stood at Rs 6,493.71 crore.
Earlier, the company reported a 28 per cent increase in its consolidated net profit at Rs 190.10 crore in the quarter ended December, mainly on festive demand. Its net profit stood at Rs 147.96 crore in the year-ago period.
Total income grew to Rs 900.51 crore in the October-December period of this fiscal from Rs 683.44 crore in the corresponding period of the preceding year, according to a regulatory filing.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
