Shares of PC Jeweller were trading lower for the fourth straight day, dropped 10 per cent to Rs 77.80 on the National Stock Exchange (NSE) on Thursday on the back of heavy volumes in an otherwise firm market, ahead of March quarter results today.
Till 12:33 pm, a combined 47 million shares, representing 12 per cent to the company’s total equity, have changed hands on the NSE and BSE.
In the past four trading days, the stock has declined 25 per cent from the level of Rs 104 on Friday, May 24, 2019. In comparison, the Nifty 50 index was up 0.68 per cent during the same period.
Since April 14, PC Jeweller’s share price has fell 48 per cent as opposed to a 1 per cent rise in the benchmark index.
The company rescheduled the board of directors meeting to be held on Thursday, May 30, to consider and approve the audited standalone and consolidated financial results of the company for the quarter and/or year ended March 31, 2019. Earlier, the meeting was to be held on Wednesday, May 29.
For the December quarter (Q3FY19), PC Jeweller had recorded a 15 per cent year-on-year (Y-o-Y) drop in its standalone net profit at Rs 138 crore. Operational revenue too declined 20 per cent at Rs 2,119 crore on Y-o-Y basis.
On May 12, PC Jeweller said its board had given approval for the demerger of the company’s export division and amalgamation of the same with its wholly-owned subsidiary PCJ Gems & Jewellery.
In consideration of the demerger of the ‘export division’ the shareholders of PC Jeweller will get one share of PCJ Gems & Jewellery as on the record date. The export division’s turnover stood at Rs 2,690 crore as on March 31, 2018, which is 28.35 per cent of the company’s total turnover.
