NECC Witnesses Uptrend, Touches Upper Circuit Amid GAIL Order and Investment Plans

NECC Witnesses Uptrend, Touches Upper Circuit Amid GAIL Order and Investment Plans

VoM News Desk | December 11, 2023 | 03:55 PM IST | Breaking News | Follow on Google News

NECC Witnesses Uptrend, Touches Upper Circuit Amid GAIL Order and Investment Plans Image/Reuters

NECC Witnesses Uptrend, Touches Upper Circuit Amid GAIL Order and Investment Plans

North Eastern Carrying Corporation (NECC) shares have seen a steady uptrend over the past two sessions, surging from ₹30.15 to ₹32.70 per share on the NSE, marking an approximate 8.5% rally during this period.

Although NECC’s logistics stock reached an intraday high of ₹32.70, it missed touching its 52-week high of ₹34 by less than 4%.

In today’s trading, NECC’s share price touched the upper circuit during morning deals after a significant rally on Friday.

It opened at ₹32 apiece and swiftly hit the intraday high of ₹32.70 per share, triggering a 5% upper circuit soon after the stock market’s opening bell.

NECC recently secured an order worth ₹52.48 crore from GAIL (India) Limited, a prominent Central Public Sector Undertaking under the Government of India, for transporting goods over a period of 3 years.

The company reported this development in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Moreover, NECC disclosed its Memorandum of Understanding (MoU) with S.G. Logistic Management Private Limited, intending to invest up to ₹20 crores and acquire up to 20% of shares or other securities.

This strategic move aligns with NECC’s plans for investment expansion and was communicated to the Indian stock market exchanges as per Regulation 30 of SEBI guidelines.

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VoM News Desk

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