Paramount Communications soars 9%, embarking to start new manufacturing unit
Paramount Communications shares surged 9 per cent to close at ₹82.70 on the BSE on Tuesday.
The rally came after the company announced it had received a letter of intent from MP Industrial Development Corporation Ltd. to lease 30 acres of land in Narmadapuram, Madhya Pradesh, for a manufacturing zone focused on power and renewable energy equipment.
According to its exchange filling, the land will be leased for 99 years to set up an industrial unit for manufacturing DC and AC cables.
The allotment is subject to the company fulfilling certain terms and conditions specified in the letter of intent.
During the day, the stock touched a high of ₹85. The stock hit a 52-week high of ₹116.70 on January 23 and a 52-week of ₹63.02 on March 20.
