222% Rally In 1 YR: Multibagger Stock Hit 5% Upper Circuit For 3rd Straight Session

With a market valuation of Rs 1,764.51, Paramount Communications Ltd. is a small-cap firm that ended Monday's session at the 5% upper circuit limit of Rs 72.04 a share. Since Thursday of last week, the multibagger stock has been trading in the upper circuit for the past three sessions in a row. The Paramount Communications share price began higher today on the BSE at Rs 71.94 per share, according to information on the BSE website. During Monday's morning trading, it touched the 5% upper circuit due to a surge in volumes and recent gains of 15% in the past week.

Paramount Communications Financials

According to a stock exchange filing, Paramount Communications, the cable producer, recorded a 55% YoY increase 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 financial year, revenue from operations climbed 18% YoY to Rs 254.42 crore from Rs 215.68 crore in Q2FY23. EBITDA during Q2FY24 climbed by around 50% to Rs 21 crore, and the quarter ended in September 2023 saw an operating profit margin of 8%.

Paramount Communications Shareholding Pattern

In Q2FY24, the firm disclosed that 53.51% of its shares were held by promoters, 7.61% by FIIs, 0.10% by DIIs, and 38.79% by the public. According to data on Trendlyne, institutional investors' holdings fell from 0.86% in Q1FY24 to 0.73% in Q2FY24, FII/FPI's holdings dropped from 0.86% in the June 2023 quarter to 0.52% in the September 2023 quarter, and promoters' pledge stayed constant at 26.52% of holdings in the September 2023 quarter.

About the company

Among India's top producers of wire and cables is Paramount Communications Ltd., a division of the Paramount Cables Group. Government, institutional, and major national and international companies in the power, telecom, railways, information technology and communication, construction, defense, and space research sectors are just a few of Paramount Cables' esteemed customers.