Multibagger penny stock under Rs 50 to keep under the radar as company reports a 147 per cent jump in net profit
The stock gave multibagger returns of 110 per cent from its 52-week low of Rs 18.40 per share and gave multibagger returns of 550 per cent in 5 years.
Today, shares of North Eastern Carrying Corporation Ltd gained 0.62 per cent to an intraday high of Rs 38.65 per share from its previous closing of Rs 38.41. The stock’s 52-week high is Rs 44.40 while its 52-week low is Rs 18.40.
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 Q1FY25. 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.
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 for Rs 32.05 which includes a premium of Rs 22.05 per equity share.
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 362 crore.
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North Eastern Carrying Corporation (NECC) not only secured a 3-year contract worth Rs 52.48 crore for polymer transportation from GAIL (India) Limited but also invested Rs 20 crore and acquired a 20 per cent stake in S.G. Logistic Management Private Limited (SGL) for strategic collaboration. This partnership aims to build a sustainable and eco-friendly transportation network using electric vehicles (EVs), demonstrating NECC's commitment to both short-term gains and long-term innovation.
The stock gave multibagger returns of 110 per cent from its 52-week low of Rs 18.40 per share and gave multibagger returns of 550 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.
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