The Bank of Baroda has also approved the One Time Settlement (“OTS”) proposal submitted by the company.
Shares of PC Jeweller hit 5 per cent upper circuit on Friday as the company informed exchanges that it has received approval on the ‘One Time Settlement’ or OTS proposal submitted to Canara Bank. “The Company had opted for OTS to settle the outstanding dues. The terms and conditions of approved OTS include cash and equity components payable under settlement, release of securities and mortgaged properties etc,” the company said in an exchange filing.
The Bank of Baroda has also approved the One Time Settlement (“OTS”) proposal submitted by the company.
Meanwhile, the scrip opened with a gain of around 5 per cent from the previous close of 81.75. The counter has been gaining since the last five days and has risen 27.59 per cent in the period.
On technical parameters, the stock of PC Jeweller is trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Meanwhile, the 30-share BSE Sensex climbed 235.23 points to 80,275.03 in early trade. The NSE Nifty went up 86.6 points to 24,492.70.
From the Sensex pack, Bharti Airtel, Tata Steel, Infosys, JSW Steel, Bajaj Finance, HCL Technologies, Tata Consultancy Services and Reliance Industries were the biggest gainers. Tech Mahindra, HDFC Bank, Nestle and Maruti were among the laggards.
The unique feature of the bull market in India is its ability to climb all walls of worry. The market dismissed all concerns relating to elections, the Budget and the correction in the mother market US.
The buy on dips strategy which has played out well in this rally continues to hold good, said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services In Asian markets, Seoul, Tokyo, and Hong Kong were trading higher while Shanghai quoted lower.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)