Penny stock under Rs 60 to keep under the radar as the company bags new order from JSW Cement Limited
The stock is up by 30 per cent from its 52-week low of Rs 45.01 per share.
On Thursday, shares of Orissa Bengal Carrier Ltd surged 2.40 per cent to an intraday high of Rs 58.51 per share from its previous closing of Rs 57.14. The stock’s 52-week high is Rs 79.44 and its 52-week low is Rs 45.01. The shares of the company saw a spurt in volume by more than 2 times on BSE.
Orissa Bengal Carrier Limited has recently secured a contract to transport coal and pet coke for Shiva Cement Limited, a subsidiary of JSW Cement Limited. This three-month contract, which will conclude on December 31, 2024, is considered an ordinary course of business and does not involve any conflicts of interest with promoters or related parties. The company has already accepted the Letter of Intent for this contract.
Prior to this, Orissa Bengal Carrier Limited entered into a contract to transport approximately 26,000 metric tons of materials for Sunflag Iron & Steel Co. Limited. Similar to the Shiva Cement contract, this agreement also does not involve any conflicts of interest with promoters or related parties and was formally accepted after receiving the Letter of Intent. Additionally, the company previously secured a contract to transport approximately 15,000 metric tons of materials for Vedanta Limited.
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Orissa Bengal Carrier Ltd (OBCL), founded in 1994, is a transportation and logistics company in India that deals in bulk transportation (up to 1,00,000 tons annually). They offer a variety of services including full truckload (FTL), less than truckload (LTL), warehousing, third-party logistics, and parcel services. OBCL has a pan-India network with 40 branches and operates its fleet of 69 commercial vehicles (trucks and trailers) along with access to 5,000 additional vehicles for hire depending on customer needs. Their truckload delivery system utilizes a hub-and-spoke model to efficiently transport goods across India for both corporate and government clients.
The company has a market cap of Rs 120 crore and reported positive sets of numbers in its Quarterly Results (Q1FY25) and annual results (FY24). The stock is up by 30 per cent from its 52-week low of Rs 45.01 per share. Investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.