At 1:26 PM, PC Jeweller’s stock hit a 52-week high, surging up to 4.42% to reach Rs 99.46 on the BSE. This increase came after the company reported a significant turnaround in its net profits for the first quarter of the financial year 2024-25 (Q1FY25). The company’s revenue from operations in Q1FY25 stood at Rs 401 crore, marking a remarkable 158% increase from the same period last year when it was at Rs 67 crore. Additionally, the profit after tax (PAT) for PC Jeweller reached Rs 155 crore in Q1FY25, a substantial improvement from a loss of Rs 173 crore in the corresponding period of the previous year.
This positive performance by PC Jeweller reflects a strong growth trajectory and signals a promising outlook for the company in the coming quarters. Investors and market analysts are likely to view this turnaround as a positive development, which could further boost the confidence in the company’s financial health and future prospects.
In contrast, mining operators faced a setback as the Supreme Court permitted retrospective state levies on mining activities. The nine-judge Bench ruled that State governments could impose taxes on mining transactions retrospectively, but only for those occurring after April 1, 2005. This decision could have implications for the mining industry and may impact the profitability of mining operators in the country.
On a different note, Piramal Enterprises reported a 10% decline in its stock price after announcing a 64% year-on-year decrease in consolidated net profit for the June 2024 quarter (Q1FY25). The decline was attributed to a one-time gain of Rs 855 crore accrued in Q1FY24 due to a stake sale in a Shriram Group entity. Despite the sequential increase in profit from the previous quarter, the market reaction to the results was negative, leading to a drop in the company’s stock price.
In a positive development for MSMEs, the government announced a Rs 15,000-crore subsidy to boost recycling and efficiency in these enterprises. The initiative, scheduled to launch by early 2025, aims to establish material recovery facilities (MRFs) and guide MSMEs in transitioning to green energy. This move is expected to support sustainable practices and enhance the competitiveness of MSMEs in the market.
Apple’s operations in India witnessed significant growth, with the company’s value exceeding Rs 2 trillion in FY24. This surge was driven by increased iPhone production and domestic sales of other Apple products. The company’s rapid growth in production and exports positions it as a key player in India’s value chain and highlights its commitment to diversifying its supply chain away from China.
Overall, the stock market saw mixed reactions to the financial results and developments in various sectors. While some companies like PC Jeweller and SJVN reported positive outcomes, others like Piramal Enterprises faced challenges. The market dynamics continue to evolve, reflecting the broader economic trends and regulatory changes impacting different industries. Investors and stakeholders will closely monitor these developments to make informed decisions in the ever-changing market environment.