Penny stock under Rs 10: Meteora World Tennis League unveils this micro-cap company as official team owner for 2023; know more here!

After rising nearly 50 per cent over the period of 2 years, shares of Toyam Sports Ltd are undergoing a correction and have hit the lower circuit for the fifth straight day.

Meteora World Tennis League announced that Toyam Sports Limited as owner of 'The Hawks' Pacific Star Sports (PSS), a UAE-based subsidiary company of Toyam Sports Limited (TSL), a sole BSE-listed sports company in India, will own the newly named TSL Hawks

The Indian sports company TSL has been involved in several high-profile sporting events around the world, including the ongoing development of international cricket with events such as the African Cup T20, Tanzania Cricket Premier League, Cricket Kenya, Oman Cricket Academy, and the recent India-Bangladesh ODI series.

TSL made a significant contribution to the Mixed Martial Arts space in 2018 when they launched the 'Kumite 1 League,' a thrilling new competition. The company also organized India's largest MMA fight night, featuring a clash between teams from India and the UAE. Former world heavyweight champion Mike Tyson served as the event's brand ambassador.

TSL also produced India's first sports reality web series, 'Kumite-1 Warrior Hunt,' earlier this year.

TSL took on a larger role in the Meteora World Tennis League's second season after sponsoring the League's inaugural edition in 2022.

The TSL Hawks will feature some of tennis' top talents, including current WTA World No. 1 IGA Swiatek, ATP World No. 9 Hubert Hurkacz, WTA World No. 20 Caroline Garcia, and ATP World No. 11 Casper Ruud.

"We are excited to welcome Toyam Sports Limited to the Meteora World Tennis League as the owner of The Hawks," said Meteora World Tennis League CEO. "TSL is a well-respected company with a proven track record of success in sports management and event operations. We are confident that TSL will bring a great deal of experience and expertise to the League."

The Meteora World Tennis League will take place at the Etihad Arena in Abu Dhabi from December 12, 2023 to December 15, 2023.

Toyam Industries Ltd was incorporated in 1985. The company operates in the commodity business, finance business, restaurant business & event business. The registered office of the company is in Mumbai.

After rising nearly 50 per cent over the period of 2 years, shares of Toyam Sports Ltd are undergoing a correction and have hit the lower circuit for the fifth straight day. Today, shares of Toyam Sports Ltd plunged 2 per cent to Rs 5.02 per share from its previous closing of Rs 5.12. The 52-week high of the stock is Rs 20.33 and the 52-week low of Rs 4.86. The company has a market cap of Rs 283.8 crore. The company has very little debt with only Rs 0.79 crore in current debt.

Disclaimer: The article is for informational purposes only and not investment advice.