Shares of P C Jeweller are soaring. Know why

P C Jeweller, a gold jewellery chain, inched up in mid afternoon trade on Thursday after the company reported a higher quarterly profit on the back of rising sales.

P C Jeweller said its first quarter net profit rose 18.5 percent to 82.5 crore rupees compared with 69.5 crore rupees in the same quarter a year ago. Sales during April-June were higher by 14 percent to 1,510.7 crores versus 1,323 crores, the company said in a release to the exchanges.

The company reported flat export growth while domestic sales grew but exports of jewellery enjoyed a higher profit before tax for the jeweller.

P C Jeweller rose 5.60 rupees, or 1.6 percent, to 439 rupees on the National Stock Exchange where 3.80 lakh shares shares changed hands compared with a 5-day average of 1.50 lakh shares by 12:30 pm.

P C Jeweller market capitalisation has leapt 232 percent in one year to 7,700 crore rupees. The stock
trades at 4.6 times its book value of 94 rupees.

Image credit: Indiatimes