Multibagger stock: PC Jeweller share price hits upper circuit after announcing record date for 1:10 stock split

Multibagger stock: PC Jeweller share price saw solid gains in morning trade on Monday, December 2, rising 5 per cent to hit its upper circuit of ₹171.50, and inching closer to its record high of ₹186.80, achieved on October 1 this year. PC Jeweller share price opened at ₹167.10 against its previous close of ₹163.35 and jumped 5 per cent to hit its upper circuit of ₹171.50. Around 11:25 am, the stock traded 4.56 per cent higher at ₹170.80 apiece.

The stock has attracted strong traction after the company announced the record date for its stock sub-division.

PC Jeweller stock split record date

The company’s board on November 28 fixed December 16, 2024, as the record date for the stock split. The sub-division of shares will be such that each equity share, with a face value of ₹10, fully paid-up, will be sub-divided or split into 10 equity shares, with a face value of ₹1 each.

The record date is the cut-off date set by a company to determine which shareholders are eligible to receive additional shares resulting from a stock split.

In a 1:10 stock split, a shareholder with one share will own 10 shares after the split, but the total investment value remains unchanged.

Meanwhile, on Friday, November 29, the company, through an exchange filing, announced that it allotted 39,87,900 shares of face value of ₹10 each on conversion of 39,87,900 warrants to five allottees belonging to non-promoters.

On September 30, 2024, and October 11, 2024, the company intimated about the allotment of a total of 48,08,02,500 fully convertible warrants through preferential allotment on a private placement basis to its promoter group and non-promoter, public category.

According to the company’s exchange filing, before the preferential issue, promoters and the company’s promoter group held 47.39 per cent of the company’s shares, which, after the issue, came down to 47.04 per cent. On the other hand, public shareholding in the company increased to 52.96 per cent after the preferential issue from 52.61 per cent before.

PC Jeweller share price trend

PC Jeweller stock has seen bewildering gains over the last year. At the current market price of ₹171.50, it has surged 494 per cent in the last one year.

The stock hit its record high of ₹186.80 on October 1 this year and a 52-week low of ₹27.66 on December 1 last year.

On a monthly scale, the stock gained over 4 per cent in November, after a 12 per cent decline in October.

Foram Chheda, CMT, and the founder of ChartAnalytics.co.in, observed that after forming a brief double top and encountering resistance near ₹186 in October, PC Jeweller stock retraced to its support zone of ₹137-140. The stock then consolidated within this broad range for about a month.

Chheda pointed out that recently, the stock has shown upward momentum within the consolidation range, suggesting it is advisable to hold for a potential move toward ₹180.

“A breakout above ₹186 could present a fresh buying opportunity. However, from a trading perspective, any price movement below ₹154 should be seen as a signal to exit the position,” said Chheda.

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