Wires manufacturer Paramount Cables shares jump 5% after strong Q2 numbers

Shares of wires manufacturer Paramount Cables on Wednesday surged 5 per cent after the company released its second-quarter earnings. On BSE, the stock touched the day's high and upper circuit at Rs 65.75, up 5 per cent.

Paramount Cables is mainly engaged in the electrical cables industry. The firm has said that it posted a rise of 54 per cent in consolidated net profit at Rs 19.49 crore in the quarter that ended on September 30, 2023. The company had posted a net profit of Rs 12.62 crore in the year-ago period.

According to a regulator filing, the total income in the September quarter rose to Rs 254.32 crore from Rs 215.68 crore in the same quarter of the last financial year.

Paramount Cables is one of the largest manufacturers of cables and wires in India. It produces multicore cables, low and high-voltage cables, besides extra-high-voltage cables for industrial applications.

Its shares have given 170 per cent return in one year and 472 per cent in two years.

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