52W-High Stock: Paramount Communications Shares Hit 5% Upper Circuit On Fundraising Plan

Following the company's announcement of its fundraising strategy, Paramount Communications shares were trading at the NSE on Thursday at a 5% upper circuit limit of Rs 82.65 a share which was also its 52-week-high level. Since December 7th, the stock has been trading at its upper circuit limit. Over the past five sessions, the price has gone up by almost 24%.

"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 Board would also consider convening an extra-ordinary general meeting/ postal ballot process to seek approval of the shareholders in respect of the aforesaid proposal of fund raising, as required," said Paramount Communications in a stock exchange filing.

"This is to further inform you that as per Regulation 9 of the SEBI (Prohibition of Insider Trading) Regulations, 2015 and the Company's Code of Conduct for Prevention of Insider Trading (the "Code of Conduct") framed in accordance with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time, the trading window for dealing in the securities shall remain closed from Thursday, December 14, 2023 till the end of 48 hours from the conclusion of the meeting of the Board i.e. till Wednesday, December 20, 2023, both days inclusive, for all connected persons/ officers/ designated employees/ insiders, directors of the Company and immediate relatives of these persons, including but not limited to the persons specified in the Company's Code of Conduct," the company informed to stock exchanges on Wednesday.

According to a filing with the stock exchange, Paramount Communications, the cable producer, recorded a 55% YoY rise in net profit to Rs 19.49 crore in the September 2023 quarter from a net profit of 12.62 crore in the same quarter the previous year. In the second quarter of the current fiscal year, revenue from operations reached Rs 254.42 crore, up 18% YoY. In the same time frame last year, its revenue was Rs 215.68 crore. The Q2FY24's EBITDA for the year climbed by around 50% to Rs 21 crore, and the quarter saw an operating profit margin of 8%.

In the last 1 year the stock has given a multibagger return of 235.98% and on a YTD basis it has generated a multibagger return of 126.13% so far in 2023. The stock has produced a multibagger return of 137.84% over the past six months, and it has risen 26.09% during the past month. The scrip reached a 52-week-low of Rs 24.45 (14/12/2022), indicating that at the current market price, the stock has gained 238% from its 1-year low.