Promoters Bought 39,55,062 Shares: Logistics penny stock under Rs 35 jumps over 8 per cent; Board to announce results on October 30
The stock is up by 64.40 per cent from its 52-week low of Rs 19.10 per share and gave multibagger returns of over 500 per cent in 5 years.
On Monday, shares of North Eastern Carrying Corporation Ltd jumped over 8 per cent to Rs 31.40 per share from its previous closing of Rs 29 with a spurt in volume by more than 1.01 times on NSE. The stock’s 52-week high is Rs 44.44 while its 52-week low is Rs 19.10.
The company informed that a Meeting of the Board of Directors of North Eastern Carrying Corporation Limited is scheduled to be held on Wednesday, October 30, 2024, at the Registered Office of the Company inter-alia to consider and approve un-audited Financial Results of the Company for the quarter & half year ended September 30, 2024.
About the Company
North Eastern Carrying Corporation Ltd (NECCL) is a transportation company founded in 1984. With a comprehensive network of over 250 branches across India, NECCL offers a wide range of freight forwarding, logistics, and goods transport services. From small parcels to large-scale project consignments, their expertise covers diverse transportation needs. Utilizing advanced ERP software, NECCL provides efficient freight management and tailored logistics solutions. Their services extend to various sectors, including bulk movements like mining logistics and specialized transportation of over-dimensional consignments.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
To complement its transportation services, NECCL offers warehousing and third-party logistics solutions with a substantial warehousing space of over 1.5 million square feet. This comprehensive approach enables them to provide end-to-end supply chain management, including storage and timely delivery. With a distinguished clientele comprising major corporations like Bajaj Auto, Minda Industries, and others, NECCL has solidified its position as a reliable and trusted partner in the transportation and logistics industry. The company has a market cap of over Rs 280 crore.
According to Quarterly Results, the company reported net sales of Rs 77.63 crore in Q1FY25 compared to net sales of Rs 83.35 crore in Q1FY24. The net profit increased by 147 per cent to Rs 3.67 crore in Q1FY25 compared to Rs 149 crore in Q1FY24. 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.
The promoters of the company bought 39,55,062 shares and increased their stake to 54.19 per cent in September 2024 compared to 52.30 per cent in June 2024. The stock is up by 64.40 per cent from its 52-week low of Rs 19.10 per share and gave multibagger returns of over 500 per cent in 5 years. Investors should keep an eye on this logistics stock.
Disclaimer: The article is for informational purposes only and not investment advice.