Shares of PC Jeweller gained more than 18 percent in the opening trade on Friday as the company board approved the proposal of share buyback.
The board of PC Jeweller Thursday approved a proposal to buy back 1.21 crore shares at Rs 350 a piece, which translates into a premium of 67 percent from Thursday’s closing price of Rs 209.
As per March quarter-end data, the promoters hold around 57.63 percent stake in the company. LIC holds about 1.93 percent. The board noted that the promoters and promoter group of the company will not participate in the proposed buy back in a statement to the exchange.
Equity benchmarks have begun the day on the right foot, with the Sensex gaining over 100 points, while the Nifty clocked 10,750 during the morning trade.
The Sensex is up 132.32 points at 35378.59, while the Nifty is up 43.30 points at 10759.80. The market breadth is positive as 518 shares advanced, against a decline of 347 shares declined, while 63 shares have remained unchanged.
Midcaps have begun the day on a positive note, gaining over 0.3 percent on the index. Meanwhile, strength is visible in metals and IT stocks as well. Asian Paints, Tata Steel, and Titan are the top gainers, while Bharti Airtel and Sun Pharma have lost the most.
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