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
The stock is up by 37 per cent from its 52-week low of Rs 18.20 per share and gave multibagger returns of 160 per cent in 3 years.
On Thursday, shares of North Eastern Carrying Corporation Ltd (NECC) plunged 0.96 per cent to Rs 24.86 per share from its previous closing of Rs 25.10 with an intraday high of Rs 25.39 and an intraday low of Rs 24.50. The stock’s 52-week high is Rs 37.15 while its 52-week low is Rs 18.20.
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 Rs 236 crore.
According to Quarterly Results, the net sales increased by 25.2 per cent to Rs 91.84 crore and net profit increased by 155.4 per cent to Rs 2.86 crore in Q4FY24 compared to Q4FY23. 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.
Earlier, the company informed that the Promoter & Managing Director of the company - Sunil Kumar Jain bought 39,55,062 shares or a 3.96 per cent stake in the company via preferential issue allotment having a face value of Rs 10 each at a price of Rs 32.05 which includes a premium of Rs 22.05 per equity share. In March 2024, FIIs took a fresh entry into this stock and bought 0.15 per cent.
Also Read: 50 per cent up from its 52-week low: Small-cap gems & jewellery company reports stellar FY24 results; details inside
Furthermore, 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 37 per cent from its 52-week low of Rs 18.20 per share and gave multibagger returns of 160 per cent in 3 years.
Disclaimer: The article is for informational purposes only and not investment advice.
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