NECC shares hit upper circuit as company bags an order from GAIL
NECC has received a letter of acceptance (LoA) from the GAIL (India) Ltd, a top central public sector undertaking under the Ministry of Petroleum and Natural Gas.
- Dec 8, 2023,
- Updated Dec 8, 2023 1:42 PM IST
Shares of North Eastern Carrying Corporation Ltd (NECC) hit an upper circuit during the trading session Friday after the company bagged an order from Gas Authority of India (GAIL India Ltd). The company informed about the same through an exchange filing on Thursday. NECC has received a letter of acceptance (LoA) from the GAIL (India) Ltd, a top central public sector undertaking under the Ministry of Petroleum and Natural Gas, for transportation of polymer, said the company's exchange with the bourses. "The total order value for the transportation of polymer is said to be Rs 52.48 crore for a period of three years," said the exchange filing further. The company has also attached the copy of GAIL (India) order along with the filing. Following the announcement of order win, shares of North Eastern Carrying Corporation surged 5 per cent, locked in the buyer's circuit limit, to Rs 31.75 on Friday with a total valuation of Rs 300 crore. The scrip had settled at Rs 30.24 in the previous trading session on Monday. The stock is up 140 per cent from its 52-week low at Rs 13.20. Recently, NECC entered into a memorandum of understanding (MoU) with SG Logistic Management Pvt Ltd to invest up to Rs 20 crore in the same and acquiring up to 20 per cent of shares/ other securities therein. SG Logistic Management is a part of SG Group, which is into the logistics industry. NECC offers a wide range of transport services in India, Nepal and Bhutan. Its services include booking small parcels, full truck load consignments, project consignments to over dimensional consignments (ODC). NECC also provides containerized movement of cargo, warehousing, packing and moving and storage facilities.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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Shares of North Eastern Carrying Corporation Ltd (NECC) hit an upper circuit during the trading session Friday after the company bagged an order from Gas Authority of India (GAIL India Ltd). The company informed about the same through an exchange filing on Thursday. NECC has received a letter of acceptance (LoA) from the GAIL (India) Ltd, a top central public sector undertaking under the Ministry of Petroleum and Natural Gas, for transportation of polymer, said the company's exchange with the bourses. "The total order value for the transportation of polymer is said to be Rs 52.48 crore for a period of three years," said the exchange filing further. The company has also attached the copy of GAIL (India) order along with the filing. Following the announcement of order win, shares of North Eastern Carrying Corporation surged 5 per cent, locked in the buyer's circuit limit, to Rs 31.75 on Friday with a total valuation of Rs 300 crore. The scrip had settled at Rs 30.24 in the previous trading session on Monday. The stock is up 140 per cent from its 52-week low at Rs 13.20. Recently, NECC entered into a memorandum of understanding (MoU) with SG Logistic Management Pvt Ltd to invest up to Rs 20 crore in the same and acquiring up to 20 per cent of shares/ other securities therein. SG Logistic Management is a part of SG Group, which is into the logistics industry. NECC offers a wide range of transport services in India, Nepal and Bhutan. Its services include booking small parcels, full truck load consignments, project consignments to over dimensional consignments (ODC). NECC also provides containerized movement of cargo, warehousing, packing and moving and storage facilities.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Also read: Tata Power shares fall after five days; tumble from record high; what’s next?
Also read:Top stocks to watch on December 8, 2023: HUL, Focus Lighting, REC, IRCON, Wheels India and more
Also read: Hot stocks on December 8: Adani Green Energy, IIFL Securities, IREDA, GMR Airports and more