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Share Market News: Paramount Communications, a wire and cable manufacturer, has announced that its Board of Directors will convene on August 8, 2024, to review and approve the unaudited financial results for the quarter ending June 30, 2024. Additionally, the board may discuss raising funds through preferential shares and other methods.
“The Board will consider a proposal to raise funds through the issuance of various securities, such as equity shares, GDRs, ADRs, FCCBs, convertible securities, debentures, and preference shares. The potential fundraising methods include public issue, preferential allotment, private placement, QIP, or other permissible routes, all subject to regulatory and shareholder approval,” the company said in an exchange filing.
Earlier, the wires manufacturer reported a 54 per cent rise in its consolidated net profit at Rs 22.03 crore in the December quarter of the current fiscal, boosted by higher income.
It had posted a net profit of Rs 14.32 crore during the October-December quarter in the preceding financial year, the company said in an exchange filing on Saturday. The company’s total income rose to Rs 285.83 crore, up 29 per cent from Rs 221.99 crore in the year-ago period.
Equity market benchmark indices Sensex and Nifty bounced back sharply in early trade on Tuesday after facing a severe drubbing in the previous trade tracking a smart rebound in Asian peers.
The 30-share BSE Sensex jumped 1,092.68 points to 79,852.08 in early trade. The NSE Nifty surged 327 points to 24,382.60.
All the 30 Sensex firms were trading in the positive territory during the early trade. Tata Motors, Tech Mahindra, HCL Technologies, JSW Steel, HCL Technologies and Infosys were the biggest gainers from the pack.
Asian markets also rebounded sharply, where Seoul, Tokyo, Shanghai and Hong Kong were quoting significantly higher. Japan’s benchmark stock index soared over 10 per cent.
The US markets ended with deep cuts on Monday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,073.75 crore on Monday, according to exchange data. Global oil benchmark Brent crude jumped 1.27 per cent to USD 77.27 a barrel.
“When market valuations are elevated, unexpected news and events trigger a market crash. This was what happened yesterday in most asset classes, globally. Fears of recession in the US and unwinding of the Yen carry trade along with tensions in the Middle East contributed to the crash,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
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