PC Jeweller Limited shares rose 7.25% in early Indian trading Monday, while company filings separately showed the remaining debt owed to its 14-bank consortium had been repaid ahead of schedule.
A Kotak Neo snapshot at 11:59 p.m. ET Sunday (9:29 a.m. IST and 3:59 UTC Monday) showed the shares at ₹17.46, up from Friday’s ₹16.28 close. They opened at ₹16.91 and had reached ₹17.74 by the time of the snapshot.
Mint’s later report, published at 12:27 a.m. ET Monday (9:57 a.m. IST), put the intraday high at ₹17.84 and the gain at 9.46%. It did not specify when either market reading was recorded.
In a Sept. 25 exchange filing, PC Jeweller said it had cleared the outstanding debt to all 14 banks before the scheduled due dates under an agreement dated Sept. 30, 2024. The company’s 2024-25 annual report said the settlement included cash payments and conversion of debt into equity.
PC Jeweller said in an Oct. 8 filing that all 14 banks had issued a “No Objection cum No Dues cum Release Letter.” It also reported that mortgaged assets, charges, securities, guarantees and undertakings had been released, completing the consortium debt-clearance formalities.
The provisional Q2 update for the quarter ended Sept. 30 put consolidated revenue roughly 28% above the year-earlier quarter and reported about ₹142 crore in remittances from export debtors with outstanding balances. The company said the figures were provisional and subject to a limited review by its statutory auditor.
In the same update, PC Jeweller said it expects the debt clearance to reduce future interest costs and strengthen its balance sheet.
