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The stock of PC Jeweller has been on a tear over the past one month. The shares of the company rallied by more than 50 per cent this past week and nearly 77 per cent in the last one month.
The stupendous move in the stock has been largely attributed to an FPI (foreign portfolio investor) buying the shares of PC Jeweller from the open market. Investment firm Carlina was reportedly the FPI that purchased shares amounting to a little more than 2.1 per cent stake in the company.
After declining more than 83 per cent from their peak in 2018, the shares of PC Jeweller have rallied nearly threefold.
In the nine months of FY19, the company’s revenue declined 16.4 per cent over the same period in 2017-18 to ₹6,177 crore, while its net profit fell 16.7 per cent to ₹374 crore.
The company had indicated recently that since bank credit wasn’t readily available, it was looking to steadily reduce its export business.
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