Cable Stock Hits 5% Upper Circuit; Jumps Over 170% In 6 Months: Do You Own?

With a market valuation of Rs 2,641 Cr, Paramount Communications Ltd is a small-cap firm in the cable industry. The NSE opened Paramount Communications' shares on Thursday at Rs 90.95 a share, but they quickly rose to reach a 5% upper circuit limit at Rs 95.05 a share. One of Dalal Street's multibagger stocks is Paramount Communications, which has gone up by 171.98% in just six months.

Paramount Communications Financials

According to a filing with the stock exchanges, Paramount Communications, the cable producer, recorded a 55% YoY rise in its net profit to Rs 19.49 crore in the September 2023 quarter from a net profit of 12.62 crore in the same quarter of FY23. In the second quarter of the current financial year, revenue from operations climbed 18% YoY to Rs 254.42 crore from Rs 215.68 crore in Q2FY23. The EBITDA for Q2FY24 climbed by around 50% to Rs 21 crore, and the period that ended in September 2023 saw an operating profit margin of 8%.

Paramount Communications Share Price History

The stock price went up from Rs 12.75 to the current market price during the previous five years, resulting in a multibagger return of 643%. The stock price climbed from Rs 9.85 to the current market price during the previous three years, resulting in a multibagger return of 823%. The stock price soared from Rs 38.05 to the current market price in the past year, yielding a multibagger return of 149%. The scrip has gone up 5.91% year to date, and during the past six months, the stock has produced a multibagger return of 165.87%. The scrip reached a 52-week-high of Rs 100.99 on (08/01/2024) and a 52-week-low of Rs 28.00 on (20/03/2023).

Paramount Communications Share Price Target

AR Ramachandran from Tips2trades said, "Paramount Communication is bullish but very overbought on the Daily charts with next resistance at 102. Investors should book profits at current levels as Daily close below support of 87.5 could lead to a target of 70 in the near term."

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.