Penny stock under ₹50: NECC secures EV logistics contract with Tata Steel; stock soars over 15%

Shares of penny stock North Eastern Carrying Corporation (NECC) surged over 15 percent in intra-day trade on Friday, March 28, after the company announced a significant logistics contract with Tata Steel Limited (TSL). The deal involves the transportation of steel products such as coils, sheets, and tubes from Tata Steel’s Sahibabad facility to various destinations using electric heavy vehicles (EVs).

The contract is valid for five years, with an option for a one-year extension upon mutual agreement. This marks NECC's first large-scale EV logistics contract, highlighting its commitment to exploring greener transportation solutions.

In an exchange filing, NECC stated, “Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to inform that the company has been awarded a contract from Tata Steel Limited for transportation of steel products through EVs for five years, with a potential one-year extension by mutual consent.”

Based in New Delhi, NECC is a leading freight forwarding company with operations in India, Bhutan, and Nepal. The company is currently developing a 183,000 sq. ft. warehouse in Tauru, near Gurugram, which is being fully funded through its reserves.

Financially, NECC reported revenue from operations of ₹81.05 crore in Q3 FY2025, with a net profit of ₹1.94 crore. For the first nine months of FY2025 (April-December), the company posted revenue of ₹241 crore and a net profit of ₹8.49 crore.

Stock Price Trend

Following the contract announcement, NECC’s stock rallied 15.5 percent to an intra-day high of ₹23.99. Despite this spike, the stock remains 46 percent below its 52-week high of ₹44.40, recorded in July 2025.

The penny stock recently hit its 52-week low of ₹18.10 earlier this month but has rebounded by over 32 percent since then. Over the past year, NECC shares have dropped by 7 percent, although they gained 6 percent in March, reversing losses of 32 percent in February and 12 percent in January.

NECC’s latest contract with Tata Steel marks a significant milestone, positioning the company as a player in the EV logistics sector. The deal reflects its efforts to diversify into sustainable transportation, which could drive future growth. With improving financials and a recovering stock price, the company’s long-term prospects appear promising.

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