Penny stock under 20: This micro-cap company reports stellar quarterly results (Q1FY24) after rights issue!

The stock is up by 25 per cent in 2 years and gave multibagger returns of over 110 per cent in 3 years.

North Eastern Carry Corporation Ltd, a leading provides freight transportation services to bulk and retail customers, largely in the full truckload (FTL) segment, and other services such as warehousing and packing. The company announced its Quarterly Results ended June 30, 2023. Details below:

Financial Highlights for the Q1FY24: 

• Net sales stood at Rs 83.85 crore, up 2.14 per cent compared to Q1FY23. 
• Profit before tax stood at Rs 2 crore, up 31.90 per cent compared to Q1FY23.  
• Profit After Tax of Rs 1.49 crore, up 55.21 per cent compared to Q1FY23.  
• The EPS for Q1FY24 is Rs 0.16.

Earlier, the company declared a rights issue for its eligible shareholders. According to an exchange filing by the freight forwarding company, has announced a rights issue of up to 4,51,77602 partly paid-up equity shares with a face value of Rs 10 each.

The rights issue price has been set at Rs 18 per share which includes a premium of Rs 8 per share, aggregating up to Rs 8,131.97 lakh payable on application Rs 9 and a balance of Rs 9 payable on first and final call. The ratio has been set at 9 equity shares for every 10 shares held by equity shareholders of Rs 10 face value each. The rights issue record date was June 02, 2023.

On Monday, shares of North Eastern Carry Corporation Ltd surged 2 per cent to Rs 19.38 per share from its previous closing of Rs 19. The stock’s 52-week high is Rs 28.52 and its 52-week low is Rs 13.20. The shares of the company saw a spurt in volume by more than 2.88 times on BSE.

The stock is up by 25 per cent in 2 years and gave multibagger returns of over 110 per cent in 3 years. The company has a market cap of Rs 135 crore and investors should keep an eye on this micro-cap penny stock.

Disclaimer: The article is for informational purposes only and not investment advice.