Paramount Communications Hits 5% Upper Circuit After FIIs Raise Stake In Q2

On Tuesday, the shares of Paramount Communications opened on the NSE at Rs 63.50 apiece and rallied to hit a 5% upper circuit limit at Rs 65.40 during the morning deals. It is one of the multibagger stocks of Dalal Street in recent times as the scrip has gained 190% in 1 year and 78.93% YTD. In addition to being a multibagger, Paramount Communications' stock is a darling to FIIs.

Paramount Communications Financials

For the September quarter of 2023-2024, wire manufacturer Paramount Cables reported a 54 per cent rise in overall net profit, reaching Rs 19.49 crore. The company said in a stock exchange filing that it made a net profit of Rs 12.62 crore in the same quarter last year. Total income jumped by 17.91% YoY, from Rs 215.68 crore in Q2FY23 to Rs 254.32 crore in Q2FY24. Expenses for Q2FY24 were Rs 234.82 crore, compared to Q2FY23's Rs 203.5 crore. Paramount Communications has a robust, diverse order book valued at Rs 361 crore as of September 30, 2023.

Paramount Communications Shareholding Pattern

During Q2FY24, the company reported promoters' shareholding of 53.51%, FIIs stake of 7.61%, DIIs stake of 0.10% and public stake of 38.79%. Foreign Institutional Investors (FIIs) boosted their holding from 0.52% in Q1FY24 to 76.1% in Q2FY24.

About the company

Paramount is one of India's largest manufacturers of wires and cables. An affiliate of the Paramount Cables Group, Paramount Communications Ltd., is one of India's leading wire and cable producers. Among Paramount Cables' prestigious clientele are the government, educational institutions, and significant domestic and international corporations in the fields of electricity, telecommunications, railways, information technology and communication, construction, defence, and space research.