PC Jeweller shares continued their upward momentum on Thursday, September 10, gaining more than 3% during the session as the jewellery retailer moved closer to completing repayments under its settlement with a consortium of banks. The stock opened at ₹13.95 on the NSE, slightly above Wednesday's close of ₹13.87, and touched an intraday high of ₹14.35 while the day's low stood at ₹13.94. At 9:45 am, PC Jeweller's market capitalisation was ₹13,779.25 crore. Thursday marked the second straight session of gains for the stock, following a 4% rise on Wednesday that recovered after profit booking in the previous session brought a three-day winning streak to an end. As of 10:09 AM on September 10, the stock was trading at ₹13.81 with a market cap of ₹13,750.50 crore, showing a slight decline from the opening levels. The stock has achieved a return of 4.12% over the past year and an impressive 41.24% return in the last month alone, demonstrating strong momentum despite recent volatility.
Gold and silver prices edged higher in early trade on Thursday, September 10, boosting investors' sentiment around jewellery stocks. According to reports from Essential Business Intelligence, on MCX, the October gold futures contract was trading at ₹1,53,868 per 10 grams as of around 10:09 a.m., gaining ₹105 or 0.07% from the previous close of ₹1,53,763. The gold contract touched an intraday high of ₹1,53,992 and a low of ₹1,53,581. Silver went up to an intraday high of ₹2,43,685 per kg, though it remained subdued later as the December silver futures contract was trading at ₹2,43,250 per kg, down ₹963 or 0.39% from the previous close of ₹2,44,213. Latest data from HDFC SKY shows 24K gold rates jumped ₹1,200 to ₹1,55,510 per 10 grams across India, with Chennai's 18K rate climbing to ₹1,20,250 per 10 grams, well above Mumbai's ₹1,16,630. The sharp recovery in gold prices was driven by overnight moves in global bullion markets, with dealers noting that a pullback in US Treasury yields made non-yielding assets like gold comparatively more attractive to global investors. As reported by HDFC SKY, renewed uncertainty around the pace of future policy tightening by major central banks added fresh safe-haven demand, while a marginally weaker rupee against the dollar amplified domestic market gains.
Among jewellery stocks, PC Jeweller emerged as the strongest performer with gains of more than 3%, extending its leadership from Wednesday's session. The stock had opened at ₹13.95 and touched an intraday high of ₹14.35 before paring gains marginally to ₹14.16. Kalyan Jewellers India was trading at ₹612.20, up ₹4.60 or 0.76% from the previous close of ₹607.60, with the stock touching a high of ₹616 and a low of ₹603.50. Thangamayil Jewellery gained 0.47% to ₹5,142.00, rising ₹24 from the previous close of ₹5,118, touching an intraday high of ₹5,178. Titan Company posted modest gains of 0.06% to ₹5,008.00. According to HDFC SKY, PC Jeweller's intraday chart showed the stock climbing steadily through the first hour of trade after a firmer open, before easing slightly off its highs while still holding on to the bulk of its gains through the rest of the morning. The stock's order book showed sell-side interest running ahead of buy-side demand, with total order quantity on the sell side well above the buy side even as the stock price continued to advance, a pattern consistent with fresh buying interest into resistance from existing holders booking profits.
The recent buying interest in PC Jeweller shares has been driven by significant progress in the company's debt repayment programme. In its latest exchange filing, the company reported that it had fully repaid outstanding dues to 10 of the 14 banks in the consortium, with all these repayments completed ahead of their scheduled due dates. The remaining debt has also come down sharply, with PC Jeweller having repaid more than 96% of the outstanding amount owed to the other four banks, leaving less than 4% still to be cleared. The company expects to complete these remaining repayments by the end of September and achieve debt-free status. PC Jeweller's repayment programme stems from a one-time settlement agreement signed in September 2024 with a consortium of 14 banks led by State Bank of India. The agreement was aimed at resolving stressed loan exposure of nearly ₹4,100 crore as of March 2024.
Thursday's sharp recovery in gold prices was driven by overnight moves in global bullion markets, with dealers noting that a pullback in US Treasury yields made non-yielding assets like gold comparatively more attractive to global investors. As reported by HDFC SKY, renewed uncertainty around the pace of future policy tightening by major central banks added fresh safe-haven demand, while a marginally weaker rupee against the dollar amplified domestic market gains. Market watchers said Thursday's across-the-board gains in jewellery stocks, coming in tandem with gold's sharp rebound, suggest the sector is once again taking its cues from the underlying metal after Wednesday's more stock-specific, mixed session. The alignment between gold's price action and jewellery stock performance tends to be closer on days with clear, sizeable moves in bullion, as Thursday's session demonstrated. All four jewellery stocks on HDFC SKY's watch list traded higher on Thursday morning, moving in step with gold's sharp rebound after Wednesday's dip, with PC Jeweller leading the gainers by a wide margin, climbing over 3% in the second straight session while Titan Company, Kalyan Jewellers India and Thangamayil Jewellery all posted more modest advances.
Physical demand at the street level has remained strong through this stretch of volatility, with jewellers noting that ongoing wedding-season purchases and festival-linked buying in several parts of the country continue to support retail demand. As reported by HDFC SKY, Thursday's sharp rebound is unlikely to dent that momentum immediately, though some buyers who had stepped in during Wednesday's dip may now feel vindicated for having acted quickly rather than waiting for prices to fall further. Some analysts pointed to overnight commentary from global central bank officials, seen as leaving the door open to further monetary easing, as a contributing factor in reviving demand for the metal so quickly after Wednesday's pullback. With the size of Thursday's gain roughly matching Wednesday's decline in percentage terms, market participants described the two sessions together as a round trip rather than a meaningful shift in gold's underlying trend, which most dealers still characterise as gradually higher. The broad-based gains stand in contrast to Wednesday's mixed session, when PC Jeweller was the lone stock in the green even as gold itself slipped.
