PC Jeweller shares returned to the green on Wednesday after the jewellery retailer announced that it had cleared its outstanding debt with another consortium bank. The latest repayment takes the company one step closer to its stated goal of becoming debt-free by the end of the current month.
PC Jeweller shares climbed 4% to ₹14.07 apiece during Wednesday morning trading. The recovery followed Tuesday's profit booking, which had brought an end to the stock's three-day winning streak. Despite that one-day reversal, the shares remain up more than 36% over the past week.
The development comes as PC Jeweller has now settled all outstanding dues with 10 of the 14 consortium banks. The progress on debt repayment has emerged as a key trigger for investor interest in the stock, which has delivered strong gains over the past week.
PC Jeweller shares opened Wednesday's session at ₹13.53 before advancing as much as 4% to reach a day's high of ₹14.07.
The jewellery stock has maintained strong momentum over the medium term. PC Jeweller shares have surged 42% over the past three months, while the gain over the last six months stands at 58%. The one-year performance, however, remains negative, with the stock down 4% during the period.