Paramount Cables Shares in Focus as Board Approves Allotment of Shares on Preferential Basis

Bajaj Finserv, UltraTech Cement, Titan, NTPC, Larsen & Toubro and Reliance Industries were among the other major laggards. Hindustan Unilever, JSW Steel, Wipro and Tata Motors were among the gainers.

Written by: Victor Dasgupta Edited by: Victor Dasgupta

Published: January 30, 2024, 11:40 AM IST

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https://www.india.com/business/paramount-cables-shares-in-focus-as-board-approves-allotment-of-shares-on-preferential-basis-6691917/ Copy

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Share Market News: A weakness of 2.62 per cent was registered in the shares of Paramount Cables amid the volatile trading in Tuesday morning trade. The shares were trading at the level of Rs 111.50, down by around Rs 3 from the previous closing of Rs 114.61. Shares of Paramount Cables, with a market cap of around Rs 3120 crore, have a 52-week high of Rs 116.85 and a 52-week low of Rs 28.

Paramount Cables, which has given a return of 28 per cent to the stock market investors in the last one month and 181 per cent in the last 6 months, has informed the exchanges that the Board of Directors of Paracables has allotted 2.03 crore shares to the non-promoter on preferential basis after receiving Rs 1.35 crore.

“Pursuant to the above allotment the issued, subscribed. and paid-up capital of the company has been increased from Rs. 56,26,19,780 /- (divided into 28,13,09.890 equity shares of Rs. 2/-each) to Rs. 60,33,69,740/-(divided into 30,16,84.870 equity shares of Rs. 2/- each),” the company said in an exchange filing.

Meanwhile, benchmark equity indices declined after beginning the trade on a positive note on Tuesday as investors preferred to stay on the sidelines ahead of key events due later this week such as the interim budget and the US Fed interest rate decision.

Also, the decline in the stocks of Bajaj Finance and Reliance Industries pulled the markets lower. The 30-share BSE Sensex declined 94.08 points to 71,847.49. The Nifty dipped 31.6 points to 21,706.

Among the Sensex firms, Bajaj Finance fell nearly 4 per cent after its December quarter earnings failed to cheer investors. Bajaj Finserv, UltraTech Cement, Titan, NTPC, Larsen & Toubro and Reliance Industries were among the other major laggards. Hindustan Unilever, JSW Steel, Wipro and Tata Motors were among the gainers.

Disclaimer: The article is for informational purposes only and not investment advice.