Paramount Communications Shares Hit Upper Circuit as Company Allots Shares to Warrant Holders

Earlier, the stock market commenced the trading day on a cautious note as both the BSE Sensex and NSE Nifty opened in the red.

Written by: Victor Dasgupta Edited by: Victor Dasgupta

Updated: January 25, 2024, 2:20 PM IST

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https://www.india.com/business/paramount-communications-shares-hit-upper-circuit-as-company-allots-shares-to-warrant-holders-6681043/ Copy

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Share Market News: Shares of Paramount Communications hit a fresh 52-week high of Rs 110.07 on Thursday i.e. January 25 as the company has allotted over 17 lakh equity 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, has allotted 17,00,000 equity shares of face value Rs. 2/- each to the warrant holders belonging to non-promoters on exercise of warrants which was issued to them at the price of Rs. 21.57/- per warrant,” the company said in an exchange filing.

Paramount Cables is around 60 years old company which manufactures power cables, telecom cables, control cables, domestic wires, special cables etc. The company also makes cables for railways and big infrastructure projects. Paramount Cables also provides integrated range related services for many projects.

Earlier, the stock market commenced the trading day on a cautious note as both the BSE Sensex and NSE Nifty opened in the red.

The Sensex observed a dip of 169.18 points, initiating the day at 70,891.13, while the Nifty recorded a decline of 40.40 points, starting at 21,413.55. The early market activity reflected the 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 firms included Coal India, Bajaj Auto, Adani Ports, Adani Enterprises, and Hero Motoco. On the flip side, Tech Mahindra, HCL Technologies, Tata Steel, LTIMindtree, and Cipla were among the top 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 0.03 per cent decrease, launching at 21,447.95, and the Sensex mirrored this trend with a 0.03 per cent dip, commencing at 71,042.28.

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