PC Jewellers’ stock price rose 1.98% to Rs 72.06 after IndusInd Bank accepted a one-time settlement (OTS) proposal to resolve the company’s outstanding dues.
Per a report by Indian Jeweller. the bank-approved settlement includes cash and equity components, and the release of secured assets and mortgaged properties.
PC Jeweller, known for its presence in the gems and jewellery sector in India, covers manufacturing, retail, and export of gold, diamond, and studded jewellery. Despite a consolidated net loss of Rs 121.64 crore in Q4 March 2024, an improvement from a net loss of Rs 302.41 crore in Q4 March 2023, the company’s net sales fell by 72.03% year-on-year to Rs 48.49 crore.
The report noted that market analysts view the acceptance of the OTS proposal as a positive step, contributing to the stock price increase. Investors are hopeful that the settlement will enhance PC Jewellers’ financial stability and operational resilience.
Despite ongoing challenges, PC Jewellers aims to leverage its brand strength and expand its market presence domestically and internationally. The IndusInd Bank settlement is anticipated to support the company’s pursuit of financial stability and growth in the upcoming quarters.
