The share of this logistics company gained up to 1.58 percent after the company entered into a Memorandum of understanding with S.G. Logistic Management Private Limited to invest up to Rs 20 Crores
With a market capitalization of Rs 299.13 Crores. North Eastern Carrying Corporation Ltd, On Tuesday, The shares were trading at Rs 31.79 a share, an increase of 0.92 percent from the previous closing price.
North Eastern Carrying Corporation Ltd. and S.G. Logistic Management Private Limited entered into a memorandum of understanding, according to the exchange filing, for North Eastern Carrying Corporation Ltd. to invest up to Rs. 20 Crores and purchase up to 20% of shares, with the aim of trucking using electric vehicles.
Recently, TATA STEELS LIMITED awarded North Eastern Carrying Corporation Ltd. a work order worth Rs. 156 cr. for the transportation of iron ore loading and supervision inside KIM loading from TSL Bunker and inside the mine. Transport and Rake Loading from KIM Mine Transportation and Rake Loading from KIM Mine. From January 6, 2022, to August 31, 2023, the company successfully finished and accomplished the work within the allotted time.
Looking into the company’s performance, North Eastern Carrying Corporation Ltd.’s revenue decreased by 5.7 percent from Rs 78.38 Crore in Q2FY23 to Rs 73.84 Crore in Q2FY24. During the same period, net profit decreased by 26 percent from Rs 1.55 crore to Rs 1.15 Crore.
The industry’s growth will be accelerated by the government’s initiative to invest ~10 lakh crore in roads, railways, and infrastructure. Roughly 70% of India’s anticipated capital infrastructure expenditures between the fiscal years 2020 and 2025 are expected to go toward the following sectors: energy (24%), roads (19%), urban (16%), and railways (13%).
Over 7% growth in the Indian economy is anticipated in the current fiscal year, 2023–2024. Plans for the development of the transportation sector, rising retail sales, and government reforms all contribute to the growth. India’s manufacturing sector could account for as much as 25% to 30% of the country’s GDP by 2025, which would fuel the country’s transportation industry’s expansion.
North Eastern Carrying Corporation Ltd. offers retail and bulk clients freight transportation services along with additional services like packing and warehousing.
Written By:- Abhishek Singh
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