Paramount Communications shares are hitting the highest circuit as the company allots shares to warrant holders
Earlier, the stock market started the trading day on a cautious note as both the BSE Sensex and NSE Nifty opened in the red.
Share market news: Shares of Paramount Communications hit a new 52-week high of Rs 110.07 on Thursday, January 25, as the company allotted over 17 lakh shares to non-promoter warrant holders who exercised their warrants at Rs 21.57 per warrant.
“The Share Allotment Committee of the Board of Directors of the Company, in its meeting held on January 25, 2024, allotted 17,00,000 equity shares of face value of Rs. 2/- each to the warrant holders belonging to non-promoters on exercise of warrants issued to them at the price of Rs. 21.57/- per warrant,” the company said in an exchange filing.
Paramount Cables is an approximately 60 year old company that produces power cables, telecom cables, control cables, household wires, special cables, etc. The company also makes cables for railways and major infrastructure projects. Paramount Cables also provides integrated range-related services for many projects.
Earlier, the stock market started the trading day on a cautious note as both the BSE Sensex and NSE Nifty opened in the red.
The Sensex recorded a dip of 169.18 points to start the day at 70,891.13, while the Nifty registered a decline of 40.40 points starting at 21,413.55. Early market activity reflected prevailing uncertainties in the global economic landscape.
Within the Nifty index, a mixed picture emerged with 22 companies advancing and 27 declining. Notable gainers among the Nifty companies included Coal India, Bajaj Auto, Adani Ports, Adani Enterprises and Hero Motoco. On the other hand, Tech Mahindra, HCL Technologies, Tata Steel, LTIMindtree and Cipla were among the biggest losers.
In contrast to Wednesday's positive momentum, the NSE Nifty 50 and BSE Sensex both witnessed a marginal decline at the opening bell. The Nifty 50 started with a decline of 0.03 percent to launch at 21,447.95, and the Sensex mirrored the trend with a decline of 0.03 percent to start at 71,042.28.
Disclaimer: The article is for information purposes only and not for investment advice.