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Paramount Communications spurts amidst sluggish trade

18 Aug 2011

Paramount Communications is currently trading at Rs 2.86, up by 0.14 points or 5.15% from its previous closing of Rs 2.72 on the BSE.

The scrip opened at Rs 2.85 and has touched a high and low of Rs 3.00 and Rs 2.85 respectively. So far 12000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 10.59 on 18-Aug-2010 and a 52 week low of Rs 2.66 on 17-Aug-2011.

Last one week high and low of the scrip stood at Rs 3.22 and Rs 2.66 respectively. The current market cap of the company is Rs 26crore.

The promoters holding in the company stood at 34.74 % while Institutions and Non-Institutions held 1.18% and 63.75% respectively.

Recently Paramount Communications, a wholly owned subsidiary of - AEI Cables, United Kingdom, (AEI)  offered a company voluntary arrangement (CVA) to its unsecured creditors under the UK Insolvency Act, 1986, which has been duly approved by the creditors. Through a CVA mechanism the company gained the support of its creditors and by that time the company had reduced its work force by 124 employees.

Further overhead savings have also been made as the company withdrew from the unpredictable house wiring market. Till date the business has traded at a loss, but from this point forward, the company is forecasting net profitability for the next 12 months and beyond.

Paramount Communications has rich experience in manufacturing quality specialized cables and wire which cater to the need of power, telecom, infrastructure and industrial sectors.

Related Paramount Communications Ltd. Links:

Paramount Communicat Share Price

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323