North Eastern Carrying Corporation Ltd soars 5% Upper Circuit limit to Rs 30.76 from its last closing of Rs 29.30. There is an interesting movement of the stock with the 52-week high being Rs 44. 44 and the low being Rs 19.10 which presents this company in the region of market of rupees 295.60 crores. In the last five years, such excellent market performance has helped the firm to achieve 526 percent multibagger returns to its investors.

Last month, the company announced an equity allotment decision made by the Neccs Board of Directors. On 28th of August 2024, the company discussed the conversion of 39,55,062 warrants into shares and planned for the engrossment of equity shares. This communication was initially referred to when it was issued on April 4, 2024, This transaction was executed in compliance with the Listing Rules of SEBI. The company will then inform these B securities that these warrant instruments were converted into 3955062 shares equity which had a nominal value of rupees ten each issued at an issue amount of thirty-two rupees zero five pari passu Rs 32.82 per share to a designated person from the promoters group. Sunil Kumar Jain, one of the promoters, was the allottee of these shares which were issued and allotted.

The company has recently announced spectacular results during the first quarter of FY25. For the period ending June 2024, the company’s consolidated net profit increased steeply to Rs 3.67 crore which was 147 per cent higher compared to Rs 1.49 crore during the corresponding quarter last year. Although the total income decreased during this quarter to approximately Rs 78 crore from Rs 92 crore sequentially, NECC’s profit growth is still impressive. In the similar way, for the quarter ending on June 2023, the company earned a total income of Rs 84 crore, even further

Formed in the year of 1984, North Eastern Carrying Corporation Ltd is amongst the most famous transportation and logistics companies in India with over 250 branches around the country and various services offered. NECC mostly deals with the transportation of cargo and the associated logistical services with respect to freight movements, parcels – from small packages to full scale project freight systems. A major component of the business is its emphasis on systems; the firm employs modern ERP technology to enhance its freight management systems and provides service to customers with dedicated plans for freight movement.

There are management services for this particular market which include the placement of oversized and over dimensional loads along with mining logistics that are also in the portfolio of NECC.

The company also provides warehousing and third-party logistics management services 3PL and handles above 1.5m square feet of warehousing. This technology enables NECC to provide an integrated service chain customized for each customer which involves all steps from storage to prompt delivery.”

Given prestigious clients such as Bajaj Auto and Minda Industries, NECC in a rapidly evolving transportation and logistics management environment, seeks to consolidate its status as a dependable and trustworthy partner in the Indian market.

Story first published: Friday, September 27, 2024, 15:40 [IST]