Share price of a company engaged in transportation and logistics business moved up by more than 6.6 percent to Rs. 77.30 in the morning trading session on Monday, compared to its previous close of Rs. 72.50, after the company announced alteration in the Memorandum of Association (MoA) on February 3rd.
With a market cap of Rs. 163.98 crore, shares of Orissa Bengal Carrier Ltd. (OBCL) opened at Rs. 74.35 on February 5th. The company has delivered positive returns of more than 65.2 percent in the last six months, compared to nearly 5.7 percent of positive returns in the last one year. So far in 2024, it has given around 26.64 percent of returns.
According to the recent filings on stock exchanges, the Registrar of Companies, Chhattisgarh has approved the alteration in the Object Clause of the Memorandum of Association (MoA) of Orissa Bengal Carrier Ltd.
The alteration in MoA was approved by its shareholders in the Extra-ordinary General Meeting held on January 10th.
There are two changes in the Object Clause in the MoA of OBCL under clause III(A). Firstly, to acquire by way of purchase, lease, exchange or otherwise and to sell, lease, mortgage, rent, transfer, dispose off or deal in land located anywhere in India or elsewhere and to construct, build, develop and maintain Logistic Parks, Business Parks, Solar Parks, buildings, warehouses, sheds and other similar properties and to alter, extend and improve the same as required from time to time.
Secondly, to utilise the funds of the company to invest/deal in any shares, stocks, securities, equity, etc., whether perpetual/redeemable debentures, units and bonds of Government/Government Undertakings, any local authority, company whether public or private or any body corporate in India or elsewhere through stock exchanges, commodity exchanges, currency exchanges or any other private mode.
In terms of financials, the revenue from operations of Orissa Bengal Carriers increased by 15.3 percent from Rs. 78.41 crore in Q1 FY23-24 to Rs. 90.41 crore in Q2 FY23-24.
However, the net profit of the company decreased by 5.8 percent to Rs. 1.95 crore in Q2 FY23-24 from Rs. 2.07 crore in Q1 FY23-24. The upcoming result date for the Q3 FY23-24 has been fixed on February 10th.
As of December 2023, DIIs hold 32.78 percent of the shares in the company and the Promoters’ holdings remain unchanged at 67.23 from Q2 FY23-24.
Established in 1994, Orissa Bengal Carrier Limited (OBCL) is an India-based company that has evolved as the signature brand of the Indian transport industry.
OBCL specialises in Full Truck Load (FTL) services, offers shipments for local, regional and nationwide cargoes and serves to a range of industries including steel, coal, cement, aluminium, paper, and textile among others.
Written by Shivani Singh
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