Stock Market News: Paramount Cables Shares Continue Upward Trend, Hit Upper Circuit

For the September quarter of 2023-2024, wire manufacturer Paramount Cables reported a 54 per cent rise in overall net profit.

Written by: Victor Dasgupta Edited by: Victor Dasgupta

Published: December 18, 2023, 4:37 PM IST

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https://www.india.com/business/stock-market-news-paramount-cables-shares-continue-upward-trend-hit-upper-circuit-6595090/ Copy

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Stock Market News: Shares of Paramount Communications Ltd (Paramount Cables) hit their upper price band on Monday as the company mulls fundraising. The company board is scheduled to meet today to consider the proposal. The counter opened at Rs 78.70 and surged around 5 percent to hit Rs 82.62 apiece on the BSE.

On technical parameters, Paramount Communications, which now has a market cap of Rs 2,023.65 crore, is trading higher than 5 Day, 20 Day, 50 Day, 100 Day and 200 Day moving average.

Earlier, the company in an exchange filing said that the meeting of the board of directors of Paramount Communications is scheduled to be held on December 18 to inter alia consider the proposal for raising funds.

“We wish to inform you that pursuant to 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 scheduled to be held on December 18, 2023 to inter alia consider proposal for raising of funds through of issuance of securities, in accordance with the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and the Companies Act, 2013, as amended, subject to such regulatory/ statutory approvals as may be required,” the company said in a filing.

Paramount Communications Financials

For the September quarter of 2023-2024, wire manufacturer Paramount Cables reported a 54 per cent rise 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 income jumped by 17.91% YoY, from Rs 215.68 crore in Q2FY23 to Rs 254.32 crore in Q2FY24.

Expenses for Q2FY24 were Rs 234.82 crore, compared to Q2FY23’s Rs 203.5 crore.

Paramount Communications has a robust, diverse order book valued at Rs 361 crore as of September 30, 2023.