PC Jeweller stock jumps 11% after Cupid promoter Halwasiya buys shares worth ₹70 cr
PC Jeweller had previously announced that it had cleared outstanding dues to all 14 consortium banks, eliminating debt of approximately ₹3,000 crore
Aditya Kumar Halwasiya, Chairman and Managing Director of Cupid, a healthcare and FMCG company, recently purchased 5.10 crore shares of PC Jeweller for ₹70 crore. This acquisition led to an 11% increase in PC Jeweller's share price, which closed at ₹16 on NSE. The stock opened at ₹15.06 per share and reached an intraday high of ₹17.15 and a low of ₹15.06.
Earlier in September 2024, PC Jeweller settled its outstanding dues to 14 consortium banks, effectively eliminating a debt of approximately ₹3,000 crore. In the same quarter, the company received remittances of ₹142 crore from its outstanding export debtors, bolstering its financial position and liquidity. PC Jeweller had declared itself debt-free in the September quarter, having repaid all outstanding bank loans ahead of their due dates, thereby saving interest costs in the long run.
With no bank debts remaining, PC Jeweller anticipates reduced interest expenses, which will positively impact its bottom line and strengthen its financial standing. Aditya Kumar Halwasiya, the businessman behind Cupid, has become India's fastest wealth creator, with his fortune surging nearly nine times to ₹18,800 crore. According to the M3M Hurun India Rich List 2026, Halwasiya's wealth has also propelled him to a remarkable rank of 193, a significant improvement from his absence in the top 1,000 richest people in India just a year prior.
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