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PC Jeweller jumps after settling case with Sebi

Capital Market 

PC Jeweller jumped 8.81% to Rs 35.20 after the company settled a case with Sebi regarding alleged non-disclosure of certain information about a share buyback offer that was withdrawn later.

The company paid Rs 19,12,500 towards full and final settlement of the alleged default, according to an order.

The matter relates to the company's buyback offer that was approved by its board on 10 May 2018. The proposal was objected by State Bank of India (SBI) later through two separate letters issued in July 2018, due to which the offer was withdrawn on 13 July 2018.

Sebi observed that PC Jeweller had not disclosed the objection raised by SBI. It had disclosed to BSE and NSE that in view of the non-receipt of the requisite NoC from SBI, its board of directors had decided to withdraw the buy-back offer. Sebi found that non-disclosure of SBI's objections by PC Jeweller is material information and required to be disclosed to the stock exchanges as prescribed under the regulation.

Meanwhile, the S&P BSE Sensex was up 318 points or 0.79% to 40,566.43.

PC Jeweller's consolidated net profit slumped 74.3% to Rs 39.21 crore on 43.9% fall in net sales to Rs 1,411.45 crore in Q2 September 2019 over Q2 September 2018.

PC Jeweller is engaged in the business of manufacture, retail and export of jewelry. It offers a range of products including hallmarked gold jewelry, certified diamond jewelry and other jewelry, including silver articles, with a focus on diamond jewelry and jewelry for weddings.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 06 2019. 15:33 IST