Promoters bought 44,86,164 shares in FY24: Heavy buying in this penny stock at Rs 7.66 from logistics industry; Hit 20 per cent upper circuit

In March 2024, the promoters bought 44,86,164 shares and increased their stake to 61.28 per cent compared to 59.87 per cent in March 2023.

Today, shares of East West Holdings Ltd hit 20 per cent upper circuit to an intraday high of Rs 7.66 per share from its previous closing of Rs 6.39 per share. The company's shares saw a spurt in volume by more than 1.10 times on BSE.

East-West Holding Limited provides logistics and allied solutions through its wholly-owned subsidiary East West Freight Carriers Limited. The Company provides services in the trade of Global Logistics and Freight Forwarding. The company has a total investment of 40 crores in its subsidiary. East-West Holding Limited a micro-cap company has a market cap of over Rs 90 crore.

Consolidated Results

According to Quarterly Results, the net sales increased by 27.4 per cent to Rs 68.08 crore in Q4FY24 compared to net sales of Rs 53.43 crore in Q4FY23. The company reported a net profit of Rs 6.29 crore in Q4FY24 compared to a net profit of Rs 0.10 crore in Q4FY23, an increase of 6,190 per cent. In its annual results, the company reported net sales of Rs 208 crore in FY24 compared to net sales of Rs 250 crore in FY23. The company reported a net profit of Rs 7 crore in FY24 compared to a net loss of Rs 1 crore in FY23, an increase of 800 per cent.

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Standalone Results

According to quarterly results, the net sales increased by 29 per cent to Rs 65.15 crore in Q4FY24 compared to net sales of Rs 50.53 crore in Q4FY23. The company reported a net profit of Rs 6.15 crore in Q4FY24 compared to a net loss of Rs 0.02 crore in Q4FY23, an increase of 30,850 per cent. In its annual results, the net sales increased by 1,065 per cent to Rs 198 crore in FY24 compared to net sales of Rs 17 crore in FY23. The company reported a net profit of Rs 6 crore in FY24 compared to a net loss of Rs 1 crore in FY23, an increase of 700 per cent.

The stock is down by 33.22 per cent from its 52-week high of Rs 11.47 per share while the stock is up by 86.4 per cent from its 52-week low of Rs 4.11 per share. In March 2024, the promoters bought 44,86,164 shares and increased their stake to 61.28 per cent compared to 59.87 per cent in March 2023.

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