PC Jeweller Stock Hits 5% Upper Circuit After 1:10 Stock Split Announcement - Read Here

The stock opened at ₹184.70 and quickly climbed to ₹186.80, reaching a new 52-week high. The company's Board of Directors approved the stock split on September 30, 2024, with the goal of enhancing liquidity and making shares more accessible to retail investors.

By Aayushi Dubey Oct 1, 2024, 13:07 IST

Shares of PC Jeweller saw a remarkable surge on October 1, 2024, as the stock hit the 5% upper circuit limit after the company announced a 1:10 stock split. This marks the fourth consecutive session that the stock has been locked in the upper circuit, reflecting growing investor enthusiasm.

Details of the Stock Split

The stock opened at ₹184.70 and quickly climbed to ₹186.80, reaching a new 52-week high. The company's Board of Directors approved the stock split on September 30, 2024, with the goal of enhancing liquidity and making shares more accessible to retail investors. Under this split, each fully paid-up equity share with a face value of ₹10 will be divided into ten shares valued at ₹1 each, effectively increasing the total number of shares from approximately 46.5 crore to 465.4 crore.

Impressive Share Price History

PC Jeweller’s stock has experienced a staggering increase of 563.12% over the past year. In the current calendar year, the shares have risen by 246.4%, delivering remarkable returns of 241.6% and 225% over the past three and six months, respectively. The stock had a noteworthy rally in September, gaining 60%. Notably, the stock was trading at its highest level since May 2018.

Additional Corporate Actions

The company also announced the preferential allotment of 11.5 crore fully convertible warrants to two promoter group entities—New Track Garments Pvt. Ltd. and Balram Garg (HUF). The issue price for these warrants is set at ₹56.20 each, with the initial 25% subscription received upfront. The remaining 75% must be paid by the promoters within 18 months for full conversion into equity shares. This move is expected to raise ₹646 crore, further strengthening the company's financial position.

With the stock split and positive market response, PC Jeweller appears well-positioned for continued growth. Investors are optimistic about the company’s strategy and its potential to enhance shareholder value.

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