Stock Market News: Paramount Cables Shares Continue Uptrend, Hitting the High Circuit
For the September quarter of 2023-2024, wire manufacturer Paramount Cables reported a 54 percent increase in overall net profit.
Stock market news: Shares of Paramount Communications Ltd (Paramount Cables) hit their highest price range on Monday as the company considers fundraising. The company’s board will meet today to discuss the proposal. The counter opened at Rs 78.70 and rose around 5 percent to reach Rs 82.62 per piece on the BSE.
On technical parameters, Paramount Communications, which now has a market capitalization of Rs 2,023.65 crore, is trading higher than the moving average of 5 days, 20 days, 50 days, 100 days and 200 days.
Previously, the company said in a stock exchange filing that the meeting of Paramount Communications’ board of directors is scheduled for Dec. 18 to consider the fundraising proposal, among other things.
“We would like to inform you that in accordance with Regulation 29(1)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, a meeting of the board of directors (the “Board”) of Paramount Communications Limited (the “Company”) is expected to take place on December 18, 2023 to, among other things, consider proposals for raising funds through issuance of securities, in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and the Companies Act, 2013, as amended, subject to any regulatory approvals,” the company said in a filing.
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.