Penny stock under Rs 60 to keep under the radar as the company enters into a contract with Vedanta Ltd

The stock is up by 34.3 per cent from its 52-week low of Rs 42.59 per share.

On Tuesday, shares of Orissa Bengal Carrier Ltd surged 1.56 per cent to an intraday high of Rs 57.20 per share from its previous closing of Rs 56.32. The stock’s 52-week high is Rs 79.44 and its 52-week low is Rs 42.59. At the closing bell, shares of the company were trading at Rs 54.20 per share, down 3.76 per cent.

Orissa Bengal Carrier Limited has secured a standard business contract to transport approximately 15,000 metric tons of materials for Vedanta Limited. This contract involves no conflicts of interest with promoters or related parties and has been officially accepted following receipt of the Letter of Intent.

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 mixed sets of numbers in its Quarterly Results (Q4FY24) and annual results (FY24). The stock is up by 34.3 per cent from its 52-week low of Rs 42.59 per share. Investors should keep an eye on this penny stock.

Disclaimer: The article is for informational purposes only and not investment advice. 

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