PC Jeweller shares rally 41% in 4 days as Carlina buys stake

Shares of PC Jeweller surged 18 percent to Rs 146.05 on Tuesday, extending their winning streak to a third straight session.

The gains come after foreign investment firm Carlina bought 37 lakh shares on April 10 for Rs 35 crore. The same company bought 46.5 lakh shares of PC Jeweller again on April 14 aggregating to Rs 46 crore, taking its stake to over 2 percent.

At 11:03 AM, the was up 16.78 percent to Rs 147.20 per share on the NSE. As much as 79 million shares changed hands on the exchanges.

PC Jeweller stock has risen 18.25 percent since Monday, and in the last four trading sessions, it has advanced 41 percent. Since April 1, the stock has zoomed nearly 80 percent to current levels.

Last year, the company lost about 80 percent of its market value due to weak financial performance and liquidity concerns. In Q3FY19, the company reported poor results with net profit declining by 16 percent on the back of lower revenues.

PC Jeweller was established in 2005 with its business focused in manufacture, retail and export of jewellery.