Back-to-back upper circuits in this penny stock under Rs 10 from the logistics industry: Company announces name change; watch out!
The stock is down by 41 per cent from its 52-week high of Rs 11.47 per share while the stock is up by 61 per cent from its 52-week low of Rs 4.11 per share.
Today, shares of East West Freight Carriers Limited were locked in a 5 per cent upper circuit to Rs 6.77 per share from its previous closing of Rs 6.45 per share. The company's shares saw a spurt in volume by more than 1.01 times on BSE. In the recent trading sessions, the stock has been hitting back-to-back upper circuits.
National Company Law Tribunal (NCLT), Mumbai Bench, approved the amalgamation of Zip Express & Logistics Private Limited (ZIP) and East-West Freight Carriers Limited (EWFCL) with East West Holdings Limited (EWHL) on January 4, 2024, as per Sections 230 to 232 of the Companies Act, 2013. Additionally, the NCLT's order includes a name change for East-West Holdings Limited to East West Freight Carriers Limited as part of the amalgamation process.
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 Rs 86.37 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 41 per cent from its 52-week high of Rs 11.47 per share while the stock is up by 61 per cent from its 52-week low of Rs 4.11 per share. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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