In the festive month of Diwali, PC Jeweller’s shares have doubled in a span of 11 days, with about a 100 per cent return.
The situation has surprised many investors considering the current downturn the Indian share market has taken due to various reasons including pre-election ambiguity, the weakening of the Indian currency and more.
Some of the biggest companies have lost a little sparkle this quarter with Sensex and Nifty declining by almost 2.95 to 3.15 per cent. However, the stock of PC Jeweller has increased to almost 99.38 per cent to Rs 96.50 from a share price level of Rs 48.40 as on 25 October on NSE.
One of India’s largest jewellery brands, PC Jeweller, in reaction to the sudden increase in its stock said that the company is not aware of any particular reason why the shares have suddenly gone up.
The quarterly results of PC Jewellers for the period of July-September will be disclosed today.