₹1.50 to ₹87: Penny stock turns multibagger in 10 years. Shares rise 5700%
Multibagger stock: Shares of Paramount Communications Ltd will be in focus when the Indian stock market opens on Monday. The major reason behind this buzz is the rating update by the globally renowned rating agency ICRA.
After the close of the Indian stock market on Friday, the multibagger stock informed Indian exchanges that ICRA has assigned a long-term rating of 'BBB-' or 'triple B minus' to the bank facilities of ₹150 crore to the company. So, the market is expecting a sharp upside in the multibagger stock during Monday deals.
The small-cap company informed Indian stock market exchanges about the development saying, "Pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that ICRA, a Credit Rating Agency has assigned its long-term ratings on the bank facilities of the Company at [ICRA]BBB-(Stable)’." Also Read: Is it wise to buy HDFC Bank shares before Q4 results 2024? The small-cap company went on to add that the aforesaid Rating(s) will be due for surveillance any time before March 27, 2025. However, ICRA reserves the right to review and/or, revise the above Rating(s) at any time based on new information becoming available, the required information not being available, or other circumstances that ICRA believes could have an impact on the Rating(s).
The small-cap stock below ₹100 has a history of delivering whopping returns to its shareholders. As per the Paramount Communications share price history, the small-cap stock under ₹100 has surged from nearly ₹79 to ₹87 apiece levels on BSE, registering a 10 percent rise in this time.
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