Stock market news: 240% return in 1 year: Paramount shares reach the highest circuit

For the September quarter of 2023-2024, wire manufacturer Paramount Cables reported a 54 percent increase in overall net profit. The company said in a stock exchange filing that it made a net profit of Rs 12.62 crore in the same quarter last year.

Stock upper circuit: Shares of Paramount Communications hit the upper circuit for the third straight session on Monday. The scrip opened today with a gain of 4.85 percent and subsequently touched the upper circuit of 5 percent.

The stock has increased in value over the past four days and is up 15.93 percent year-to-date. Over the past year, this multibagger stock is up 240 percent. In two years, the counter has made investors 417.53 percent richer.

Paramount Communications Financial Services

For the September quarter of 2023-2024, wire manufacturer Paramount Cables reported a 54 percent increase in overall net profit. The company said in a stock exchange filing that it made a net profit of Rs 12.62 crore in the same quarter last year. Total revenues rose 17.91% year-on-year from Rs 215.68 crore in Q2FY23 to Rs 254.32 crore in Q2FY24.

Expenses for Q2FY24 stood at Rs 234.82 crore, compared to Rs 203.5 crore for Q2FY23. Paramount Communications has a robust, diverse order book worth Rs 361 crore as of September 30, 2023.