Penny stock gains over 5 per cent: Promoter & Managing Director of this logistics company bought 3.96 per cent stake via preferential issue!
The stock is up by 87.5 per cent from its 52-week low of Rs 16.10 per share and a whopping 300 per cent in 3 years.
North Eastern Carrying Corporation Limited (NECC) informed that the Promoter & Managing Director of the company - Sunil Kumar Jain bought 39,55,062 shares or 3.96 per cent stake in the company via preferential issue allotment having a face value of Rs 10 each at a price of Rs 32.05 which includes a premium of Rs 22.05 per equity share.
Today, one of the Top Gainers on BSE, shares of North Eastern Carrying Corporation Ltd surged 5.60 per cent to Rs 30.19 per share from its previous closing of Rs 28.59. The stock’s 52-week high is Rs 37.40 while its 52-week low is Rs 16.10.
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 over Rs 280 crore.
According to Quarterly Results, the net sales increased by 18.7 per cent to Rs 85.59 crore and net profit increased by 18.3 per cent to Rs 2.52 crore in Q3FY24 compared to Q3FY24. In its nine-month results, the 4.6 net sales increased by per cent to Rs 243.27 crore and net profit increased by 11 per cent to Rs 51.58 crore in 9MFY24 compared to 9MFY24. According to annual results, the net sales increased by 22.40 per cent to Rs 306 crore and the net profit increased by 50 per cent to Rs 6 crore in FY23 over FY22.
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Earlier, NECC not only secured a 3-year contract worth Rs 52.48 crore for polymer transportation from GAIL (India) Limited but has also partnered with S.G. Logistic Management Private Limited (SGL) to enter the electric vehicle (EV) trucking business. This collaboration, involving a Rs 20 crore investment and a 20 per cent stake acquisition in SGL, aims to build a sustainable and eco-friendly transportation network using electric vehicles, ultimately strengthening NECC's presence in the logistics sector and promoting EV adoption in India.
The stock is up by 87.5 per cent from its 52-week low of Rs 16.10 per share and a whopping 300 per cent in 3 years.
Disclaimer: The article is for informational purposes only and not investment advice.
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