May 13, 2019 / 5:28 AM / a month ago

BUZZ-India's PC Jeweller shares rise on board approval to demerge exports unit

** Shares of jewellery maker PC Jeweller Ltd up as much as 4.2 pct to 132.8 rupees, their highest since April 26

** Stock rises after the New Delhi-based company said it got board approval for demerger of its exports division

** Co, which competes with Titan Co for jewellery, said on Sunday it plans to demerge since commercial activities of two units “distinct and diverse from each other”

** The demerged company will be able to revise business plans and priorities from time to time, ensuring speedy and profitable growth - PCJ

** Revenue from co’s export division stood at 30.94 bln rupees ($440.67 mln), as on March 31, 2018, that accounts ~32% of PCJ’s revenue

** Over 13.8 mln shares change hands, as of 0510 GMT, compared with a 30-day average volume of 39.3 mln shares

** As of last close, shares up 47.8 pct this year

$1 = 70.2110 Indian rupees

0 : 0
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