Public sector lender State Bank of India (SBI) has taken PC Jeweller to the National Company Law Tribunal (NCLT) with a plea to initiate insolvency proceedings against the city-based jewellery manufacturer and retailer claiming a default.

PC Jeweller faces insolvency plea from SBI; NCLT adjourns hearing till Aug 21

SBI is to maintain the status quo regarding any action to be taken against the company as a consequence of the NPA decision.

Court Stays Order Against SBI’s NPA Decision On PC Jeweller

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Informing that the company’s legal matters with SBI are in process, it said in a regulatory filing, “We submit that the four other banks of the Consortium, namely IDBI Bank, Indian Bank, Bank of India as well as Karur Vysya Bank have also issued their loan recall notices to the company.”

Four banks send loan recall notices to PC Jeweller

PC Jeweller said that during the quarter ended 31 December 2022, the company has recorded domestic turnover of Rs 829.10 crore, registering a growth of more than 38% on YoY basis.

PC Jeweller records more than 38% YoY growth in Q3 turnover

Stocks to watch: Shares of firms like Adani Wilmar, Tata Motors, Sigachi, Bank of Baroda, PC Jeweller, and others will be in focus in Wednesday’s trade.

Stocks to Watch: Adani Wilmar, Tata Motors, Sigachi, Bank of Baroda, PC Jeweller, and Others

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Stocks to Watch: Adani Wilmar, CPSEs, Sigachi, Bank of Baroda, PC Jeweller

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PC Jeweller Consolidated September 2022 Net Sales at Rs 897.58 crore, up 60.36% Y-o-Y

Hasn't fared well - amongst the low performers

Performance

Seems to be overvalued vs the market average

Valuation

Lagging behind the market in financials growth

Growth

Average profitability - not good, not bad

Profitability

Fundamentals

Good time to consider, stock is not in the overbought zone

Technicals

Entry point

The stock has a moderate number of red flags

Promoter pledged holding

Unsolicited messages

Default probability

Red flags

PC Jeweller Limited is a jewelry company. The Company is engaged in manufacture, retail and export of jewelry. The Company approximately has 41 showrooms under the PC Jeweller brand.

PC Jeweller Ltd