Jewellery Stock Under Rs 20: The shares of PC Jewellers traded higher during the session despite a massive sell-off in the stock market after the company informed of the expansion of business in Africa through a step-down subsidiary.
The stock opened flat at Rs 9.97 on NSE. It escalated despite a massive decline in the stock market in the opening hours. The company's shares rose over 1 per cent to hit an intraday high of Rs 10.13 per share.
Meanwhile, the jewellery stock's 52-week high and low values stood at Rs 19.65 and Rs 8.67, respectively.
Stock Market Crash
The domestic equity indices crashed over 1 per cent during the session amid concern around US-Iran tension, US tariff uncertainty and sell-off in the IT sector due to AI disruption threats.
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At the time of writing, Sensex was trading at 82,301.74, down 992.91 points or 1.19 per cent. While Nifty 50 was doing business at Rs 25,432.85, down 280.15 points or 1.09 per cent.
PC Jewellers to Expand Business In Africa
PCJ Mining SARL – a new company – has been incorporated by PCJ Gems & Jewellery Limited in the Republic of Chad with a majority holding of 66 paid-up share capital.
The company stated that PCJ Mining SARL extracts precious metal minerals. Its areas of operation include mining, mineral exploration, and quarrying, as well as the production, refining, and marketing of mineral products.
PC Jeweller Share Price History
This year till date, the small-cap jewellery stock jumped over 7 per cent; however, in the last five sessions, it dipped over 14 per cent. In a month stock fell over 7 per cent. At the same time in a year the scrip corrected over 14 per cent. In the long run, the stock jumped over 230 per cent in the last 5 years.
Disclaimer: This story is for informational purposes only. It should not be considered as investment advice.