Penny stock below Rs 30: Heavy buying witnessed as the company announces conversion of partly paid-up equity shares into fully paid -up equity shares!
The stock is up by 90 per cent from its 52-week low of Rs 13.20 per share and gave multibagger returns of over 250 per cent in 3 years.
On Tuesday, shares of North Eastern Carry Corporation Ltd surged 9.21 per cent to an intraday high Rs 25.14 per share from its previous closing of Rs 23.02. The stock’s 52-week high is Rs 27.32 and its 52-week low is Rs 13.20. The shares of the company saw a spurt in volume by more than 3 times on BSE.
The company recently announces conversion of partly paid-up equity shares into fully paid -up equity shares wherein it received payment of Rs 39,74,88,375 towards the call money of Rs 9 per share from all the registered shareholders of 4,51,77,602 partly paid-up equity shares. The balance call money of Rs 91,10,043 will be received from eligible shareholders. The converted shares will rank pari passu with the existing fully paid-up equity shares and shall be merged with ISIN INE553C01016, subject to completion of necessary corporate actions and receipt of listing and trading approvals.
Earlier, the company announced Quarterly Results, the net sales decreased by 39 per cent to Rs 76.04 crore, operating profit decreased by 50 per cent to Rs 2.38 crore and net profit decreased by 70 per cent to Rs 0.51 crore in Q2FY24 compared to Q2FY23. In its half-yearly results, the net sales decreased by 17 per cent to Rs 216.35 crore, operating profit decreased by 19 per cent to Rs 7.59 crore and net profit decreased by 39 per cent to Rs 1.83 crore in H1FY24 compared to H1FY23.
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. Talking about the financials, the company has a market cap of Rs 233 crore. 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.
The stock is up by 90 per cent from its 52-week low of Rs 13.20 per share and gave multibagger returns of over 250 per cent in 3 years.
Disclaimer: The article is for informational purposes only and not investment advice.
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