Heavy buying: Back-to-back upper circuit in this small-cap multibagger stock; reports a 106 per cent increase in net profit!

Shares of the company have gained more than 40 per cent in the last six months.

Shares of Paramount Communications Limited were locked in the upper circuit on Wednesday, gaining 5.00 per cent. The stock has witnessed heavy buying activity from investors in the last two days. Hence, the stock is locked in the upper circuit. In the last six months, the stock has gained about 44 per cent.

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 an impressive growth of 106.88 per cent YoY.

Paramount Communications Limited has also delivered multibagger returns to its shareholders. During this period, the company’s share price jumped from Rs 13.15 on August 16, 2022, to Rs 51.05 on August 14, 2023, an increase of about 280 per cent in one year holding period. 

Paramount Communications is engaged in the manufacturing of wires and cables comprising of power cables, telecom cables, railway cables, and specialized cables. The company's customers include Indian Railways, BSNL, RailTel, Tata Projects Limited, Adani Renewables, Adani Power, L&T, Siemens, and others.

On Wednesday, the stock opened at Rs 53.63, with a high and low of Rs 53.63 and Rs 48.53. The stock is currently trading at Rs 53.63, up by 4.99 per cent. The stock has a 52-week high of Rs 53.63 and a 52-low of Rs 12.85. 

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