Multibagger PC Jeweller Shares Hit Upper Circuit For A Third Consecutive Session

PC Jeweller Ltd.'s share price extended its winning streak to a seventh consecutive session, surging 28% to hit its highest level since May 30, 2018. On Monday, the stock hit 5% upper circuit limit for a third session straight.

The stock has risen 281.5% on a year-to-date basis and 580% in the last 12 months.

The company's board will meet on Monday to consider stock split and the consequent alteration of share capital, an exchange filing had said last Tuesday.

In addition, Bank of India's approval to the one time settlement proposal submitted by the company added to positive sentiments. The company had opted for OTS to settle the outstanding dues, according to an exchange filing on Thursday.

"The terms and conditions of OTS include cash and equity components payable under settlement, release of securities and mortgaged properties etc.," it said. "With this approval, all the 14 consortium member banks have approved the OTS proposal submitted earlier by the company."

Shares of PC Jeweller Ltd. rose as much as 5% to Rs 178.17 apiece. They were locked in upper circuit limit as of 10:13 a.m. This compares to a 0.7% decline in the NSE Nifty 50.

Total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 83.26, indicating that the stock may be overbought.