Paramount Communications hopeful of growth in cables and wires segment

Paramount Communications, which has a market capitalization of Rs 2,664 crores, is hopeful of growth in the cables and wires segment and believes that the company will benefit because of it.

The company shared some factors, in a report, that will help the sector grow in the coming days.

Factors driving growth

Power Cables

- Investments in power transmission and distribution

- Capacity addition in solar and wind energy

- Smart Cities mission

- Increasing investments in Railways for electrification 

Building Wires

- Affordable housing schemes

- Spike in nuclear families  

- Investments in commercial and residential infrastructure

- Increased construction activity supported by growing infrastructure projects 

Meanwhile, the company has announced plans to increase its authorized share capital from Rs 80 crore to Rs 90 crore by issuing an additional 5 crore equity shares of Rs 2 each. The number of redeemable preference shares will remain at 10 lakh.