NECC Shares Jump Over 14% On Securing Contract From Tata Steel

NECC Share Price Today: Shares of North Eastern Carrying Corporation Ltd (NECC) rose nearly 1% in intraday trading on Friday after it won a contract from Tata Steel to transport steel products from its Sahibabad plant to other destinations. However, in the mid-day trade, the stock erased some of its gains amid profit booking.

At around 2:28 P.m., the shares of NECC were trading at Rs 22.80, up 9.67% on NSE against the previous day's closing of Rs 20.79 per share. The small-cap stock opened in Green at Rs 21.60 and surged nearly 14% to hit an intraday high of Rs 23.72.

The agreement will be for five years and can be extended or renewed for another year by mutual consent, media reports said in an exchange filing on Thursday. The logistics company added that NECC will transport steel products through electric heavy vehicles.

According to the company, this is its first major EV logistics deal.

New Delhi-based NECC is one of the leading freight forwarders in India, also serving neighbouring Bhutan and Nepal. NECC is in the process of developing a state-of-the-art, 183,000 sq ft warehouse system at Tauru near Gurugram. The project is being fully funded from the company’s reserves.

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