Multibagger penny stock below Rs 70 in green as it enters into a contract with Ambuja Cement Limited
The stock is up by 61 per cent from its 52-week low of Rs 42.59 per share and gave multibagger returns of over 200 per cent in 3 years.
On Tuesday, one of the Top Gainers on BSE, shares of Orissa Bengal Carrier Ltd surged 10.42 per cent to Rs 68.65 per share from its previous closing of Rs 62.17. The stock’s 52-week high is Rs 79.44 and its 52-week low is Rs 42.59. The shares of the company saw a spurt in volume by more than 5 times on BSE.
The recent increase in the stock price is likely a result of the company signing a contract to transport approximately 1,80,000 metric tons of materials for Ambuja Cement Limited. It's important to understand that this contract is a routine part of the company's business activities and doesn't involve any of the company's promoters or their associates. Additionally, this agreement is not considered a transaction between related parties.
Also Read: Artificial Intelligence (AI) revolutionizing healthcare: A look at the present and future!
Orissa Bengal Carrier Ltd (OBCL), founded in 1994, is a transportation and logistics company in India that deals in bulk transportation (up to 1,00,000 tons annually). They offer a variety of services including full truckload (FTL), less than truckload (LTL), warehousing, third-party logistics, and parcel services. OBCL has a pan-India network with 40 branches and operates its fleet of 69 commercial vehicles (trucks and trailers) along with access to 5,000 additional vehicles for hire depending on customer needs. Their truckload delivery system utilizes a hub-and-spoke model to efficiently transport goods across India for both corporate and government clients.
The company has a market cap of Rs 136 crore with a 3-year stock price CAGR of 40 per cent. The stock is up by 61 per cent from its 52-week low of Rs 42.59 per share and gave multibagger returns of over 200 per cent in 3 years.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.