JEWELLERY STOCKS RALLY UP TO 17% ON FESTIVE DEMAND

Shares of gems and jewellery companies witnessed strong buying on October 16, with PC Jeweller, Senco Gold, Sky Gold and Diamonds, Shanti Gold International, Tribhovandas Bhimji Zaveri, Shringar House, Lalithaa Jewellery and Thangamayil Jewellery surging by up to 17%. The rally was supported by heavy trading volumes and an optimistic business outlook amid robust festive-season demand. PC Jeweller emerged as the top gainer, with its shares climbing 17% to touch a fresh 52-week high. The stock also recorded its strongest gain in five weeks, accompanied by a threefold increase in average trading volume. The rally followed a strong business update from PC Jeweller, which reported approximately 28%, growth in consolidated revenue for the second quarter of FY2026, covering July to September. The company attributed its performance to healthy consumer demand and sustained business momentum. In another significant development, PC Jeweller announced that it had achieved debt-free status during the quarter after repaying its outstanding bank borrowings ahead of schedule. In its business update dated October 7, 2026, the company said the elimination of bank debt would reduce future interest expenses, support profitability and strengthen its balance sheet. The company also received approximately Rs 142 crore in remittances during the quarter from outstanding export debtors, providing additional cash inflows. Meanwhile, gold prices moved higher in futures trading on Friday, adding to the positive sentiment across the jewellery sector. On the MCX, gold futures for December delivery rose by Rs 876, or 0.59%, to Rs 1,48,365 per 10 grams. The contract recorded a business turnover of 1,143 lots.