Gold prices recovered on firming global trend

Tracking a firming global trend, gold prices recovered by Rs 55 to Rs 31,680 per ten gram in the national capital today on retail customer purchases for the ongoing marriage season. Gold rates, which had lost Rs 25 in the previous session, bounced back on local buying for the marriage season and a firming trend in overseas markets as the US Fed concludes a two-day policy meeting that may see announcement of more stimulus measure.

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PC Jeweller IPO oversubscribed 6 times

Public issue of jewellery manufacturer and retailer PC Jeweller has been subscribed 5.95 times so far, as per data available on the National Stock Exchange.

The issue, which closes today, has received bids for 22.87 crore equity shares (BSE and NSE) as against bids for 3.84 crore shares (excluding anchor investors' portion).

The reserved portion of qualified institutional investors has been oversubscribed 5.24 times while non-institutional and retail investors' portion subscribed 2.97 times and 54 percent, respectively, as per subscription figures available only on NSE.

The company that already raised nearly Rs 91 crore by allocating 67,16,250 equity shares to 10 anchor investors at upper end of price band of Rs 125-135 per share on Friday intends to use issue proceeds for setting up additional 20 showrooms by FY14 with an outlay of Rs 517 crore out of total issue size of Rs 609 crore.

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