Heavy Buying Witnessed: Multibagger penny stock under Rs 50 from the logistics sector; scrip gains 8.80 per cent on July 24
The stock’s 52-week high is Rs 44.44 while its 52-week low is Rs 18.05 with a spurt in volume by more than 1.10 times.
Today, shares of North Eastern Carrying Corporation Ltd gained 8.8 per cent to an intraday high of Rs 42.51 per share from its previous closing of Rs 39.08. The stock’s 52-week high is Rs 44.44 while its 52-week low is Rs 18.05 with a spurt in volume by more than 1.10 times.
The stock gave multibagger returns of 135.5 per cent from its 52-week low of Rs 18.05 per share and gave multibagger returns of 565 per cent in 5 years. The company has not made any significant announcements of late. Hence, the rally in the share price could be driven purely by the market forces.
Earlier, the company informed that the Promoter & Managing Director of the company - Sunil Kumar Jain bought 39,55,062 shares or a 3.96 per cent stake in the company via preferential issue allotment having a face value of Rs 10 each for Rs 32.05 which includes a premium of Rs 22.05 per equity share.
North Eastern Carrying Corporation Ltd primarily provides freight transportation services to bulk and retail customers, particularly in the Full Truckload (FTL) segment, along with other services like warehousing and packing. The company has a market cap of Rs 400 crore.
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North Eastern Carrying Corporation (NECC) not only secured a 3-year contract worth Rs 52.48 crore for polymer transportation from GAIL (India) Limited but also invested Rs 20 crore and acquired a 20 per cent stake in S.G. Logistic Management Private Limited (SGL) for strategic collaboration. This partnership aims to build a sustainable and eco-friendly transportation network using electric vehicles (EVs), demonstrating NECC's commitment to both short-term gains and long-term innovation.
According to Quarterly Results, the net sales increased by 25.2 per cent to Rs 91.84 crore and net profit increased by 155.4 per cent to Rs 2.86 crore in Q4FY24 compared to Q4FY23. In its annual results, the net sales increased by 9.5 per cent to Rs 335.12 crore and net profit increased by 8.2 per cent to Rs 10.17 crore in FY24 compared to FY23. Investors should keep an eye on this logistics stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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