Stock Market News: Paramount Shares Hit 4th Consecutive Upper Circuit – Here’s All You Need to Know

Over the past few months, Paramount Communications shares have yielded attractive returns for investors, showing a remarkable 188 per cent gain in the last year alone.

Written by: Victor Dasgupta Edited by: Victor Dasgupta

Updated: December 21, 2023, 5:02 PM IST

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https://www.india.com/business/stock-market-news-paramount-shares-hit-4th-consecutive-upper-circuit-heres-all-you-need-to-know-6602830/ Copy

Stock Market

Stock Market News: Paramount Communications Ltd shares have been consistently hitting upper circuits for four consecutive days. The stock opened at Rs 82.31 but went on to hit a 5.00 per cent upper circuit of Rs 87.78 on the BSE.

Over the past few months, Paramount Communications shares have yielded attractive returns for investors, showing a remarkable 188 per cent gain in the last year alone. Meanwhile, the company recently announced its intention to issue shares to select investors through a preferential allotment, as disclosed in a BSE filing on December 20, 2023. Additionally, the filing provided details about the upcoming Extraordinary General Meeting (EGM).

“The company board met on Monday, December 18 to consider and approve up to 2,25,24,980 equity shares of the company of face value Rs 2 each at a price of Rs 66.50 apiece the given investors/entities who does not belong to the promoter and promoter Group of the company,” the company said in an exchange filing.

Paramount Communications will reportedly raise approximately Rs 150 crore.

“The company board also approved to increase the authorized share capital of the company from Rs 70,00,00,000 divided into 30,00,00,000 equity shares of Rs 2 each and 10,00,000 redeemable preference shares of Rs 100 each to Rs 80,00,00,000 divided into 35,00,00,000 equity shares of Rs 2 and 10,00,000 redeemable preference shares of Rs 100 each,” added its BSE filing.

The 52-week high price of the share is Rs 91.08 per share and 52-week low price is Rs 26.15 per share.

The company has a market capitalisation of Rs 2150.04 crore. Paramount Communications shares gained 133 per cent in last 6-months, soared 188 per cent in last 1-year, rallied 611 per cent in last 2-years, and offered return of 1148 per cent in last 3-years.

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