FIIs Bought 3,81,010 Shares & Rs 495.16 Crore Order Book: Multibagger Cable Stock at Rs 76.79 Hit the Upper Circuit Today & Debt-Free in FY25
The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 37.27 and a whopping 600 per cent in 2 years.
Today, shares of Paramount Communications Ltd hit a 5 per cent upper circuit to Rs 76.79 per share from its previous closing of Rs 73.14. The stock’s 52-week high is Rs 116.70 and its 52-week low is Rs 37.27. The shares of the company saw a spurt in volume by more than 1.01 times on BSE.
Paramount Communications Ltd produces a variety of wires and cables, including power cables, telecom cables, railway cables, and specialised cables. The company boasts a substantial client base, including esteemed organisations such as Larsen & Toubro, Steel Authority of India (SAIL), BSES, Bharat Heavy Electrical Ltd, Power Grid Corporation, BSNL, Tata Steel, Alcatel Lucent Enterprises, ISRO, Indian Railways, Indian Oil, NTPC, among others.
The company announced stellar Quarterly Results (Q4FY24) and annual results (FY24) for the fiscal year 2024. According to quarterly results, the net sales increased by 56.3 per cent to Rs 326.1 crore, operating increased by 67.4 per cent to Rs 29.88 crore and profit after tax (PAT) increased by 113.7 per cent to Rs 29.49 crore in Q4FY24 compared to Q4FY23 while in its annual results, the net sales increased by 32.7 per cent to Rs 1,078.56 crore, profit before tax (PBT) increased by 51.5 per cent to Rs 97.26 crore and profit after tax (PAT) increased by 79.3 per cent to Rs 85.63 crore in FY24 compared to FY23.
DSIJ’s 'multibagger Pick’ service recommends well researched multibagger stocks with High Returns potential. If this interests you, do download the service details here.
The company boasts a strong order book of Rs 495.16 crore and reports strong performance across all product categories, particularly power and railway cables. Export volumes remain consistent with FY23. Increased production is leading to economies of scale and improved profitability. The company maintains a healthy balance sheet with a debt-equity ratio of 0.16 and a current ratio of 3.40. They are on track to become debt-free in FY25 after fully repaying the Rs 86.25 crore debt.
In June 2024, FIIs bought 3,81,010 shares and increased their stake to 7.10 per cent compared to 6.98 per cent in March 2024. The company's shares have an ROE of 20 per cent and an ROCE of 16 per cent. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 37.27 and a whopping 600 per cent in 2 years. Over a decade, the stock has soared from Rs 3.15 per share to an intraday high of Rs 76.79 per share, achieving multibagger returns of over 2,300 per cent. Investors should keep an eye on this cable manufacturing stock.
Disclaimer: The article is for informational purposes only and not investment advice.