NECC shares rise 4% after June 2023 quarter results

Shares of North Eastern Carrying Company (NECC) about 4 per cent during the trading session Wednesday after the company announced a strong performance in March 2023. The company had announced its results on Monday, August 14 in an exchange filing.

NECC reported a 50 per cent rise in the net profit on a year-on-year (YoY) basis to Rs 1.48 crore in the June 2023 quarter, which stood at Rs 0.96 crore in the year ago period. The company had clocked a bottomline of Rs 1.12 crore in the quarter ended on March 31, 2023.

Revenue from operations improved to Rs 83.85 crore in the first quarter of the ongoing financial year, which stood at Rs 82.09 crore in the year-ago period. However, revenue from operations on a sequential basis surged more than 14 per cent to Rs 73.38 crore, the company said.

Shares of North Eastern Carrying Company surged about 4 per cent during the trading session to Rs 19.92 on Wednesday. The company commanded a total market capitalization of about 190 crore. The scrip had settled at Rs 19.38 in the previous trading session on Monday.

NECC has raised Rs 81.18 crore in July 2023 via right issue as the company allotted 4,51,77,602 equity shares with a face value of 10 each for cash at an issue price of Rs 18 each. Applicants were required to pay Rs 9 on application and the balance Rs 9 being payable on subsequent call as may be decided by the board.

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.

Also read: Infosys shares in focus on $1.6 billion deal with Liberty Global

Also read: IndiGo shares in focus as Gangwal family may sell stake today via block deal