Logistic Stock NECC Soars Over 12% Intraday After Q2 Results: Do You Own?

Small-cap logistics firm North Eastern Carrying Corporation Ltd. (NECC) operates in the transport services industry. An Indian transport and logistics firm is North Eastern Carrying Corporation Limited. On Tuesday, the shares of NECC opened on the BSE at Rs 23.07 apiece and hit an intraday high of Rs 26.20 logging a gain of 13.56%. While writing this copy the stock was trading 11% higher at Rs 25.55 during the morning deals. The rally in the stock seen after the Q2 earnings of the company has been made public.

In the September 2023 quarter, the firm recorded net sales of Rs 73.84 crore, which is 5.8% less than Rs 78.38 crore in the same quarter the previous year. It experienced a 25.74% reduction in net profit from Rs. 1.55 crore in Q2FY23 to Rs. 1.15 crore in Q2FY24. EBITDA climbed 1.45% from Rs. 4.84 crore in the same quarter of FY23 to Rs. 4.91 crore in the quarter under review. From Rs. 0.31 in September 2022 to Rs. 0.16 in September 2023, North Eastern EPS has declined.

Over the last five years, the stock has produced a 234.42% multibagger return; over the last three years, it has produced a 246.67% multibagger return. The stock has gone up by 4.89% over the past year, and so far in 2023, the scrip has gained 12.11% year to date. The scrip reached a 52-week-high of Rs 27.32 (08/12/2022) and a 52-week-low of Rs 13.20 (20/03/2023), indicating that at the current market price the stock is trading 95% above the 1 year low and 5.78% below the 1 year high.

During Q2FY24, the company reported promoters' shareholding of 52.68% and a public stake of 47.32%.