Heavy buying: Back-to-back upper circuit in this small-cap multibagger stock; Net profit jumps by 106 per cent!

Shares of the company have gained about 100 per cent in the last six months.

Shares of Paramount Communications Limited were locked in the upper circuit on Thursday, gaining 5.00 per cent. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit. In the last six months, the stock has gained about 100 per cent. On Thursday, the stock also made a fresh 52-week high at Rs 72.59.

Paramount Communications, part of the Paramount Cables Group, is one of India’s leading wires & cable manufacturing companies. 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.

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The company posted strong Quarterly Results. The revenue of the company for Q1FY24 stood at Rs 210.54 crore which grew by 28.6 per cent YoY. The operating profit of the company stood at Rs 18.51 crore, while the PAT of the company stood at Rs 14.53 crore, representing a growth of 106.88 per cent YoY.

Paramount Communications Limited has also delivered multibagger returns to its shareholders in the last one year. During this period, the company’s share price jumped from Rs 21.65 on September 07, 2022, to Rs 72.65 on September 07, 2023, an increase of about 230 per cent in one year holding period.

The stock has shown tremendous growth and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.