Multibagger penny stock under Rs 35 from the logistics sector hit the upper circuit on September 27
The stock is up by 60 per cent from its 52-week low of Rs 19 per share and gave multibagger returns of 525 per cent in 5 years.
On Friday, shares of North Eastern Carrying Corporation Ltd hit a 5 per cent upper circuit to Rs 30.82 per share from its previous closing of Rs 29.36 with a spurt in volume by more than 1.70 times on BSE. The stock’s 52-week high is Rs 44.40 while its 52-week low is Rs 19.22. 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.
North Eastern Carrying Corporation Ltd (NECCL) is a transportation company established in 1984. With a vast network of over 250 branches across India, NECCL specializes in freight forwarding, logistics, and goods transport. Their services encompass a wide range, from handling small parcels to managing large-scale project consignments. The company leverages advanced ERP software to provide efficient freight management and customized logistics solutions. NECCL's expertise extends to various sectors, including bulk movements, such as mining logistics, and specialized services like over-dimensional consignment transportation.
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 Rs 293.5 crore.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
The Board of Directors approved converting 39,55,062 warrants held by promoter Sunil Kumar Jain into the same number of equity shares. Each share has a face value of Rs 10 and was issued at a premium of Rs 22.05, bringing the total price to Rs 32.05 per share. These new shares have the same rights as existing company shares.
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 stock is up by 81.53 per cent from its 52-week low of Rs 19 per share and gave multibagger returns of 575 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.