729% Gain In 2-Yrs: Cables Stock Approves Conversion Of Warrants, Hits Upper Circuit

Small cap company operating in Cables-Electricals industry, Paramount Communications Ltd shares hit 5% upper circuit today after its board of directors on January 25, 2024 gave nod to conversion of warrants into equity shares. Current market price of Paramount Communications shares on BSE is Rs 115.57 apiece with intraday gain of 5.00%. Paramount Communications shares zoomed 205% in last 6-months only and offered return of 104% in last 3-months. The company has a market capitalisation of Rs 3,231.45 crore. Check details below:

Paramount Communications Gives Nod To Conversion of Warrants: As per the BSE filing of the company dated January 29, 2024, "Pursuant to Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, we wish to inform that the Share Allotment Committee of the Board of Directors of the Company, in its meeting held on January 25, 2024, has allotted 17,00,000 equity shares of face value Rs. 2/- each to the warrant holders belonging to non-promoters on exercise of warrants which was issued to them at the price of Rs. 21.57/- per warrant."

The above Warrant holders have exercised the right to convert the warrants into an equivalent number of equity shares of the Company of the face value Rs.2/- each, added the BSE filing.

Paramount Communications To Consider, Approve Financial Results On Feb 3, 2024: As per the BSE filing of the company dated Jan 29, "In compliance of Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the meeting of Board of Directors of the Company is scheduled to be held on Saturday, 3" day of February 2024, to consider and approve, inter alia, the Un-Audited Standalone and Consolidated Financial Results for the quarter ended on 31st December 2023."

Paramount Communications Stock Performance & Return: The 52-week high price of Paramount Communications shares on BSE Rs 116.70 apiece and 52-week low price is Rs 28.00 apiece, respectively. Paramount Communications shares soared 204% in last 1-year, gained 729% in last 2-years, and offered rally of 1243% in last 3-years. In last 5-years, the scrip jumped 883%.

Paramount Communications About: Paramount Communications Ltd, part of the Paramount Cables Group, is one of India's leading wire & cable manufacturing company. With over six decades of operations, the group has built up a portfolio spanning a comprehensive range including HV & LV Power Cables, Optical Fiber Cables & other Telecom Cables, Railway Cables, Specialised Cables, Instrumentation & Data Cables, Fire Survival Cables etc. Paramount Cables has a prestigious clientele that includes government, institutional and major private sector organizations, both national and international, in the Power, Telecom, Railways, I.T. and Communication, Construction, Defence and Space Research sectors amongst others, according to its official website.

Disclaimer:

The stock highlights the rally in shares on fundraise plan and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.