This Smallcap Jewellery Stock Soars 15% in 3 Days – Do You Own It?

PC Jeweller, a fast-rising smallcap stock, hit the 5% upper circuit for the third straight day on Wednesday, October 16, with shares closing at ₹176.85. The surge followed the company’s conversion of 4.35 lakh warrants into equity shares, boosting investor confidence.

Over the past three sessions, the stock has gained 15%. Earlier, the company had issued 48.08 crore fully convertible warrants to select investors from both the promoter group and public category through a private placement. On October 15, PC Jeweller’s board approved the conversion of some of these warrants into equity shares.

Recent Developments:

• PC Jeweller has been actively raising funds by issuing 3.66 crore warrants to 114 investors, including promoters and public shareholders.
• The company may soon announce a stock split, dividing shares worth ₹10 into ten shares of Re 1 each, aiming to attract more investors.
• PC Jeweller also secured approval from Bank of India for a One-Time Settlement (OTS) plan to resolve its outstanding debts with 14 banks.

Stock Performance:

PC Jeweller has delivered massive returns, skyrocketing 413% in the past year and 279% year-to-date. The stock hit a 52-week high of ₹186.80 on October 1, a 595% rise from its 52-week low of ₹27.66 recorded in December 2023. Despite small dips earlier this year, the stock has rebounded and continues to show strong momentum in 2024, making it a hot pick for investors.