North Eastern Carrying Corporation (NECC) has witnessed an upward trend in the stock market over the past two sessions, with its share price rising from ₹30.15 to ₹32.70 on the NSE, marking an 8.5% rally. The logistics stock, currently trading near its 52-week high, touched the upper circuit during morning deals today after a significant rally on Friday.
NECC’s share price opened at ₹32 and reached an intraday high of ₹32.70, hitting the 5% upper circuit within a few minutes of the opening bell. Although it missed touching its 52-week high of ₹34 by less than 4%, the stock remains in a positive trajectory.
The surge in NECC’s share price is attributed to the company’s recent announcement of receiving an order worth ₹52.48 crore from GAIL (India) Limited, a top Central Public Sector Undertaking of the Government of India. The order is for the transportation of goods over a period of three years.
In addition to the GAIL order, NECC made headlines by entering into a Memorandum of Understanding (MoU) with SG Logistic Management Private Limited. According to the MoU, NECC is set to acquire up to 20% of shares or securities from SG Logistic Management, with an aggregate investment size of up to ₹20 crores.
These recent developments contribute to the positive momentum for NECC, reflecting investor confidence in the logistics company’s future prospects and business expansion initiatives.”
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