Paramount Cables to allot 12.50 lakh shares to promoters
Meanwhile, the company has reported a 54 per cent rise in its consolidated net profit at Rs 22.03 crore in the December quarter of the current fiscal, boosted by higher income.
Wires manufacturer Paramount Cables, with a market cap of Rs 2,968 crore, has stated that the share allotment committee of the board of directors of the company has approved the allotment of 12.50 lakh equity shares on preferential basis.
Following this, the issued, subscribed and paid-up capital of the company has increased from Rs 60.33 crore to Rs 60.58 crore.
Meanwhile, the company has reported a 54 per cent rise in its consolidated net profit at Rs 22.03 crore in the December quarter of the current fiscal, boosted by higher income.
It had posted a net profit of Rs 14.32 crore during the October-December quarter in the preceding financial year, the company said in an exchange filing on Saturday. The company's total income rose to Rs 285.83 crore, up 29 per cent from Rs 221.99 crore in the year-ago period.
The expenses of the company - which manufactures multi-core cables, low and high-voltage cables, besides extra-high-voltage cables for industrial applications - stood at Rs 263.77 crore as against Rs 207.68 crore year on year (YoY). The consolidated results include two reportable segments i.e. wires and cables and Pipes.
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