Shares of PC Jewellers Ltd. extended their rally on Tuesday to jump to the highest level in nearly one-and-a-half years after IndusInd Bank Ltd. accepted its one-time settlement proposal.
The jewellery seller has opted for an one-time settlement to pay its outstanding dues with the private lender. The settlement proposal includes cash, equity components payable under settlement, and release of securities and mortgaged properties, according to an exchange filing.
On the NSE, PC Jeweller's stock rose as much as 3.52% in early trade to Rs 73.20 apiece, the highest since Jan. 19, 2023. It was trading 2.67% higher at Rs 72.60 per share, compared to a 0.10% advance in the benchmark Nifty at 9:59 a.m.
The share price has been rising for the past seven sessions. It has gained 148.74% in the last 12 months and 56.06% on year-to-date basis. The relative strength index was at 86.22, implying the stock may be overbought.
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