Shares of Orissa Bengal Carrier Ltd were gaining sharply on Monday after the goods transporter struck a major deal with Adani Group’s Ambuja Cement.

What Happened: Orissa Bengal Carrier Limited entered a contract to transport around 1.80 lakh metric tons of materials of Ambuja Cement, the company said in a press release.

Orissa and Bengal carrier said it had accepted the letter of intent and clarified that the contract was within the ordinary course of business and no promoter or promoter group had any interest in the contract.

See Also: Indus Tower Shares Dip After Brokerage Downgrades To ‘Reduce’

Founded in 1994, Orissa and Bengal Carrier has a large network and associated offices servicing terminals across the country. It is equipped with over 12 wheelers 42 trucks owned and attached, more than 800 14/18 wheelers, 60 trailers owned and attached more than 1000. 

Ambuja Cement was bought by the Adani Group in 2022 alongside peer ACC to create India’s second-largest cement maker.

Price Action: Orissa and Bengal Carrier’s share price surged nearly 20% immediately after announcing the deal to hit ₹61.95 on the NSE.

Read Next: Yes Bank Shares Surge 9% After Q4: Why Brokerage Sees 30% Downside Ahead