Small-cap stock surges to upper limit, records 175% increase in one year

Paramount Communications Ltd’s shares, a small-cap stock listed on Dalal Street, have seen exponential growth in the past year. Despite volatility in the market, the stock has continued to rise. Today, the share price opened strongly and hit a 5% upper circuit within minutes.

Even as the stock market as a whole has faced a sell-off, Paramount Communications has attracted significant buying interest. Over the last month, the share price has risen by 18%, reaching ₹110.05 apiece. In the last six months, the stock has risen 160%, and in the last year, it has seen a 175% increase. Over the last five years, the growth has been over 900%.

A recent filing with the exchange revealed that 17 lakh shares have been allotted at ₹21.57 apiece to warrant holders. The company stated, “Pursuant to Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, we wish to inform that the Share Allotment Committee of the Board of Directors of the Company, in its meeting held on January 25, 2024, has allotted 17,00,000 equity shares of face value Rs. 2/- each to the warrant holders belonging to non-promoters on exercise of warrants which was issued to them at the price of Rs. 21.57/- per warrant.”

This article was originally published on January 25, 2024, at 02:40 PM IST. For more information and regular updates, check out the Mint News App.