Stories
PC Jeweller Jumps 6 Percent While Yes Bank Falls 4 Percent Know Why
- •PC Jeweller shares surged nearly 6 percent to reach a new 52-week high of Rs 19.13 after clearing all its dues to a consortium of 14 banks.
- •The company has successfully become completely debt-free, significantly strengthening its financial position and boosting investor confidence.
- •Yes Bank shares tumbled about 4 percent following a Supreme Court ruling regarding AT-1 bonds worth around Rs 8,415 crore.
- •Brokerage firm Nomura cut Yes Bank target price from Rs 23 to Rs 18, citing potential impacts on the bank capital and profits.
Key Questions Answered
PC Jeweller shares climbed nearly 6% to a 52-week high of Rs 19.13 after the company announced it became debt-free ahead of schedule by paying off all dues to a consortium of 14 banks. Additionally, the positive market outlook was strengthened by Cupid Ltd promoter Aditya Kumar Halwasiya purchasing 5.10 crore shares earlier in the month.
Yes Bank shares declined due to a Supreme Court ruling regarding AT-1 bonds valued at around Rs 8,415 crore, which raised investor concerns regarding potential impacts on the bank's capital, profits, and overall financial health.
Nomura lowered Yes Bank's share target price from Rs 23 to Rs 18 while maintaining a neutral rating. The brokerage highlighted that the verdict could create an after-tax impact of roughly Rs 6,300 crore on profits and lower the CET-1 ratio by about 230 basis points.
