Penny stock below Rs 30: Board of this micro-cap company approved allotment of 6,70,000 equity shares and 39,55,062 warrants convertible into equity shares!
The stock is up by 66 per cent from its 52-week low of Rs 16.10 per share and a whopping 230 per cent in 3 years.
North Eastern Carrying Corporation Ltd (NECC) (BSE: 534615; NSE: NECCLTD) informed that the Board of Directors has at its meeting held on April 04, 2024 approved the allotment of 6,70,000 equity shares and 39,55,062 shares warrants convertible into equity shares on the preferential basis of the face value of Rs 10 each at a price of Rs 32.05 which includes a premium of Rs 22.05 per equity share to promoters and another non-promoter group person for cash consideration by way of the preferential issue on a private placement basis in accordance with the Companies Act, 2013, SEBI (ICDR) Regulations and other applicable laws.
Today, shares of North Eastern Carrying Corporation Ltd plunged 0.04 per cent to Rs 26.45 per share from its previous closing of Rs 26.46 with an intraday high of Rs 26.75 and an intraday low of Rs 25.85. 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 250 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.
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 66 per cent from its 52-week low of Rs 16.10 per share and a whopping 230 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.
Related articles
-
Multibagger penny stock under Rs 3: The company announces allotment of 75,00,00,000 warrants with conversion rights and lock-in period!
-
100 per cent publicly owned company & multibagger penny stock below Rs 5; Board allocates 1,35,00,000 equity shares on conversion of warrants to non-promoters!
-
Promoter allocated 3,45,00,000 equity shares on conversion of warrants via preferential issue of this penny stock under Rs 10
-
Penny stock at Rs 5 and promoters & FIIs increase stake: After reporting turnaround story in FY24 the Board allots 1,28,00,000 equity shares on conversion of warrants!
-
Penny stock at Rs 5.12 and promoters & FIIs increase stake: After reporting turnaround story in FY24 the Board allots 2,30,00,000 equity shares on conversion of warrants
-
6:11 bonus shares; 10:1 stock split: High ROE & high ROCE textile stock under Rs 25; Board approves allotment of 24,72,300 equity shares via warrants conversion!
-
Promoter bought 39,55,062 & FIIs took a fresh entry in this multibagger logistics stock under Rs 30; Company reports stellar FY24 results – PAT zooms over 150 per cent
-
Heavy buying in this multibagger logistics stock at Rs 27.55 – up over 10 per cent today; Promoter bought 3.96 per cent stake & FIIs took a fresh entry!
-
Auto components stock under Rs 30 and Promoters & FIIs increase stake: Board allots 12,98,000 equity shares on conversion of warrants to non-promoter!
-
Multibagger penny stock at Rs 2.06 & PAT zooms over 900 per cent: Board allocated 5,00,00,000 equity shares in conversion of warrants on a preferential basis!
-
Penny stock at Rs 5.12 & FIIs increase stake: Promoter & non-promoters were allotted 2,91,00,000 shares on conversion of warrants via preferential issue!
-
Multibagger penny stock at Rs 1.93: Board approved preferential issue of 26,00,00,000 equity shares towards the conversion of outstanding unsecured loans!
-
4:1 bonus shares & Rs 2,326 crore order book: Board of this multibagger engineering company allotted 20,19,23,890 shares to promoters & non-promoters!
-
Promoter was allocated 2,00,00,000 shares and non-promoters were allocated 3,61,00,000 shares of this penny stock below Rs 6
-
Penny stock gains over 5 per cent: Promoter & Managing Director of this logistics company bought 3.96 per cent stake via preferential issue!
-
Promoter bought 39,55,062 shares of this multibagger penny stock below Rs 35; Company announces stellar quarterly & nine-month results – scrip hit upper circuit
-
Heavy buying multibagger penny stock under Rs 35: Bags order from Ministry of Petroleum & Natural Gas; stock hit upper circuit on February 02
-
Multibagger penny stock below Rs 5 hit 5 per cent upper circuit on January 23; Board approved allotment of 13,50,00,000 warrants into equal numbers of equity shares!
-
Promoter bought 2,00,00,000 shares and non-promoters bought 13,50,00,000 shares of this multibagger penny stock below Rs 3 via preferential issue!
-
Multibagger penny stock under Rs 35: This micro-cap company receives new order worth Rs 52.48 crore from Ministry of Petroleum and Natural Gas!