Exchanges have been notified by the logistics operator North Eastern Carrying Corporation Limited (NECC) that it has secured an order from Tata Steel. The information provided indicates that the order has to do with the shipping of steel goods.
According to the corporation, the five-year contract will include shipping steel products from Tata Steel’s Sahibabad plant to other locations.
According to NECC, electric heavy vehicles will be used to carry the company’s steel goods. This is the first large-scale EV logistics contract, it claimed.
The shares of NECC increased by more than 15% after this occurrence.
In contrast to the previous closing of Rs 20.76, the counter opened in green on the BSE at Rs 23.99. This represents a 15.58 percent gain.
Tata Steel has already placed an order with the company for Rs 366 crore. The transportation of mining products and raw materials from its Sukinda mines in Odisha was the subject of this order.
The period of validity for this work order was April 1, 2018, through March 31, 2021. Thus, this is the company’s second order bagged from the steel manufacturer.
Prior to this, the logistics firm had obtained a polymer transportation order from state-owned GAIL (India) Limited for a total of Rs 52.48 crore.
In a regulatory filing, NECC stated that the deal would be performed over a three-year period.
One of India’s top freight forwarding companies, NECC is a 48-year-old business established in New Delhi that also offers its services in neighboring Bhutan and Nepal.
The top natural gas firm in India is GAIL (India) Limited, which is a division of the Ministry of Petroleum and Natural Gas.
