29, February, 2024
HomeBusinessParamount Cables' Shares Dip 2.62% as Board Approves Preferential Share Allotment

Paramount Cables’ Shares Dip 2.62% as Board Approves Preferential Share Allotment

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In the dynamic morning trade on Tuesday, Paramount Cables witnessed a 2.62% decline, trading at Rs 111.50, down by approximately Rs 3 from the previous day’s close at Rs 114.61. With a market cap of around Rs 3120 crore, Paramount Cables has experienced a 28% surge in the last month and a remarkable 181% growth in the last 6 months.

Read Also | Maruti Suzuki’s Strategic Move: Acquiring Suzuki Motor Gujarat via Preferential Shares

The company recently announced that its Board of Directors has allotted 2.03 crore shares to non-promoters on a preferential basis, raising Rs 1.35 crore.

Following this allotment, the issued, subscribed, and paid-up capital of the company has risen from Rs. 56,26,19,780/- (divided into 28,13,09.890 equity shares of Rs. 2/- each) to Rs. 60,33,69,740/- (divided into 30,16,84.870 equity shares of Rs. 2/- each), as per the exchange filing.

However, the broader market faced a decline in benchmark equity indices during the positive start on Tuesday. Investor caution ahead of key events, including the interim budget and the US Fed interest rate decision later in the week, contributed to this subdued market sentiment. Bajaj Finance and Reliance Industries’ stock decline played a significant role in dragging down the market. The 30-share BSE Sensex dropped 94.08 points to 71,847.49, while the Nifty saw a decline of 31.6 points to 21,706.

Read Also | Tata Steel Approves Share Allotment to Tinplate Company of India Shareholders Following Successful Merger

Key laggards among the Sensex firms included Bajaj Finserv, UltraTech Cement, Titan, NTPC, Larsen & Toubro, and Reliance Industries. On the positive side, gainers included Hindustan Unilever, JSW Steel, Wipro, and Tata Motors.

Disclaimer: This article is for informational purposes only and not intended as investment advice.

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