North Eastern Carrying Corporation grabs 400 crore contract from Tata Steel

North Eastern Carrying Corporation has informed The Bombay Stock Exchange Ltd., and National Stock Exchange Ltd., through a letter on January 23, 2017 about being awarded a contract of Rs 400 crore from the steel major, Tata Steel Ltd.

Jan 23, 2017 12:01 IST India Infoline News Service

North Eastern Carrying Corporation has informed The Bombay Stock Exchange Ltd., and National Stock Exchange Ltd., through a letter on January 23, 2017 about being awarded a contract of Rs 400 crore from the steel major, Tata Steel Ltd.
 
This intimation was pursuant to the Regulation 30 of the Securities and Exchange Board of India Regulations, 2015.
 
The order from Tata Steel Ltd., was for bulk movement of its raw materials from its mines located at Joda and Sukhinda, in Orissa.
 
“In view of the above, the full fledged movement of the first tranche of the final order of raw materials shall be picked up from the month of January and is required to be completed by March 2017”, the letter stated.
 
North Eastern Carrying Corporation is based out of Delhi, is listed in both NSE and BSE, and has a current market capitalisation of Rs 380.84 crore.

Stock view:
North Eastern Carrying Corporation Ltd is currently trading at Rs 68.2, up by Rs 0.65 or 0.96% from its previous closing of Rs 67.55 on the BSE.
The scrip opened at Rs 69 and has touched a high and low of Rs 69 and Rs 67.5 respectively. So far 98291(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 339.08 crore.
The BSE group 'T' stock of face value Rs 10 has touched a 52 week high of Rs 71 on 11-Jan-2017 and a 52 week low of Rs 31.35 on 24-Jun-2016. Last one week high and low of the scrip stood at Rs 70 and Rs 65.1 respectively.
The promoters holding in the company stood at 74.83 % while Institutions and Non-Institutions held 0 % and 25.17 % respectively.
The stock is currently trading above its 50 DMA.

Related Story

Explore Important Blogs