Penny Stock Hits Upper Circuit After Contract Renewal With IISC, Up 88% In 3-Months

Small cap logistics solution provider, East West Holdings Ltd shares surged 4.90% intraday and hit upper circuit to 9.20 per share at 1:24 pm on January 8, 2024. East West Holdings rallied 44.43% in last 1-month only and soared over 9% in last 1-week.

Earlier this month on January 2, 2024 East West Holdings Limited through its wholly owned Subsidiary (WOS) East West Freight Carriers Limited has successfully renewed Custom House Agents (CHA) service contract with "The Indian Institute of Science (IISC), Bengaluru, which is ranked as India's top University and Research institution.
This renewed Custom House Agents (CHA) service contract with "The Indian Institute of Science (IISC), Bengaluru is expected to generate Rs.18-22 crores revenue for the Company.

Ajaz Shafi Mohammed, Managing Director & CEO said, "We have started this new year with a great news and many more to come, renewal of contract by such a reputed organization has boosted our confidence and I believe that this year is going to be a fantastic year for the Company in terms of revenue and growth."

Approval of Scheme of Amalgamation: The company also informed via its regulatory filing on January 5, "We are pleased to inform you that the Mumbai Bench of the Hon'ble National Company Law Tribunal (NCLT) vide its Order dated 4th January, 2024 has granted approval for the Scheme of Amalgamation between Zip Express & Logistics Private Limited (ZIP) (First Transferor Company), the wholly owned subsidiary of East West Freight Carriers Limited and East West Freight Carriers Limited (EWFCL) (Second Transferor Company), the Wholly owned subsidiary of the company with the East West Holdings Limited (EWHL) (Transferee Company) under Sections 230 to 232 of Companies Act, 2013."

East West Holdings Stock Performance & Return: The stock's 52-week high price is Rs 11.47 apiece and 52-week low price is Rs 3.83 apiece, respectively. The company has a market capitalisation of Rs 117.37 crore. East West Holdings shares surged 88% in last 3-months, soared 89% in last 6-months, and offered return of 57% in last 1-year. In last 2-years, East West Holdings shares declined 21%.

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The stock highlights rally in shares on new update and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.