Trending Stocks Today, September 9, 2026: PC Jeweller, Vodafone Idea, IFCI, Davangere Sugar In Focus

Mumbai, September 9: Shares of PC Jeweller, Vodafone Idea, IFCI and Davangere Sugar Company were among the most actively traded stocks by volume on the NSE on Wednesday, with the counters witnessing sharp price moves amid company-specific developments and heightened investor interest. PC Jeweller and Vodafone Idea gained 2.44% and 2.14%, respectively, while IFCI and Davangere Sugar fell 2.68% and 8.29%. 

PC Jeweller Limited (up 2.44%) 

Shares of PC Jeweller rose after declining yesterday, with the stock having risen around 38% over the past week as investors continued to react positively to the company’s progress in reducing its debt burden. 

The latest buying interest came after PC Jeweller disclosed that it had cleared its outstanding dues with another lender under its settlement arrangement with consortium banks. The jewellery retailer has now completed repayments to 10 of its 14 consortium banks, strengthening expectations that it could achieve a debt-free status by the end of September. 

The stock’s latest move follows a series of gains triggered by the company’s debt-reduction updates. 

PC Jeweller had said earlier this month that it had settled outstanding debt with another consortium lender, taking the number of banks whose dues had been fully repaid to nine. The company subsequently said it had cleared another lender’s dues, taking the tally to 10 out of 14. 

The company’s progress is being closely watched because its turnaround has been centred on reducing a sizeable debt burden through a one-time settlement arrangement with lenders. 

Investors are now betting that the completion of the remaining repayments could remove a major overhang on the stock and improve PC Jeweller’s financial profile. 

Becoming debt-free would be significant for PC Jeweller because lower borrowings can reduce finance costs and free up cash for the core jewellery business. 

A cleaner balance sheet could also improve the company’s ability to obtain working capital and support inventory requirements, which are particularly important in the jewellery retail business. 

The latest surge adds to an already strong run for PC Jeweller shares. 

The stock has gained 38% over the past week, according to market data. 

The stock’s recent rally, however, has also been accompanied by bouts of profit-taking. PC Jeweller shares fell on Tuesday after gaining over the preceding three sessions, highlighting the sharp increase in volatility following the debt-repayment announcements. 

With investors now awaiting further confirmation of the company’s debt-free status as well as its quarterly performance, the stock is likely to remain closely watched. 

The key trigger going forward will be whether PC Jeweller completes the remaining repayments on schedule and converts the improvement in its balance sheet into sustained growth in sales, profitability and cash flows. 

Vodafone Idea Limited (up 2.14%) 

Shares of Vodafone Idea rose on Wednesday after falling on Tuesday when brokerages had flagged the telecom operator’s upcoming spectrum-related payments as a key concern. Analysts see downside risk to the stock, pointing to its funding needs and uncertainty over its ability to meet future liabilities. 

The caution comes as Vodafone Idea works to shore up its finances and raise capital to fund network expansion. While government measures and the company’s turnaround efforts have helped improve investor sentiment, brokerages remain wary of the financial pressure from spectrum dues and the possibility of further capital requirements. 

Vodafone Idea’s strong gains over the past year have also raised the prospect of profit-taking, making the recent decline less surprising after the stock’s sharp run-up. However, its funding position remains a key issue for investors as the company seeks to narrow the gap with larger rivals Reliance Jio and Bharti Airtel while continuing to invest in its network. 

Also the Supreme Court recently dismissed the government’s appeal seeking to revive a ₹363 crore GST demand related to the sale of Vodafone Mobile Services’ tower assets. While the ruling removes one potential financial liability, it has done little to ease broader concerns over Vodafone Idea’s longer-term funding requirements and spectrum-payment obligations. 

IFCI Limited (down 2.68%) 

Shares of IFCI Ltd fell on Wednesday as reports of a lower-than-expected price band for the National Stock Exchange’s upcoming IPO raised concerns over the value of IFCI’s indirect stake in the exchange. 

The immediate trigger was a report that NSE could price its IPO at ₹1,700-₹1,785 per share, below the ₹2,000-₹2,100 range that had previously been indicated. At the upper end of the reported band, NSE would command a valuation of around ₹4.4 lakh crore, or about $46.4 billion. 

NSE could also reduce the proportion of shares offered in the IPO to around 5.5% of its equity capital from the 6% proposed earlier. Its draft offer document had provided for an offer for sale of up to 14.89 crore shares. 

The combination of a potentially lower valuation and a smaller offer size has weighed on stocks that are expected to benefit from the long-awaited NSE listing. 

IFCI’s connection to NSE comes through Stock Holding Corporation of India, in which the state-owned financial institution owns more than 50%. Stock Holding Corporation, in turn, owns more than 4% of NSE. 

That means any change in the valuation of NSE can influence how investors value IFCI’s indirect holding. The prospect of a lower IPO price has therefore taken some of the sheen off the recent rally in IFCI shares. 

NSE has not officially confirmed the reported price band. The exchange is expected to list its shares in the week beginning September 21, with the IPO potentially ranking among India’s largest public offerings. 

Despite Wednesday’s decline, IFCI shares have delivered strong returns in recent weeks on optimism surrounding the NSE IPO and the potential value of its indirect exposure. 

The stock was still up around 20% over the past month as of Wednesday morning. 

The sharp gains had already triggered bouts of profit-taking, with the stock falling on Tuesday. The latest weakness suggests investors are reassessing the potential value-unlocking opportunity as expectations around NSE’s IPO pricing evolve. 

For IFCI investors, the NSE IPO remains a key near-term catalyst. However, the eventual issue price, offer size and valuation will determine how much value the market ultimately assigns to IFCI’s indirect exposure to the exchange. 

Davangere Sugar Company Limited (down 8.29%) 

Davangere Sugar Company extended its decline today, the stock having fallen 15% in a week and 43% in a month. This year so far shares have fallen 52%. Davangere Sugar Company is a sugar mill or sugar producer. India’s sugar market is facing tighter supplies as lower production and firm domestic consumption widen the gap between availability and demand. While government measures aimed at keeping prices stable could provide some relief, they may not fully resolve the underlying supply constraints. 

Global market dynamics are adding to the pressure. Brazil, the world’s largest sugar producer, has been favouring ethanol production, limiting the amount of sugar available for export and keeping international prices elevated. 

Analysts expect the supply-demand balance to remain tight over the coming seasons, potentially supporting domestic sugar prices and improving margins for sugar producers. A prolonged period of constrained supply could therefore provide a favourable operating environment for sugar companies. 

Source

• NSE