Logistic Stock Jumps 5% On Renewal of CHA Service Contract With IISC

With a market valuation of Rs 110 Cr, East West Holdings Ltd is a small-cap company in the transport services industry. The stock saw a rise of 4.46% from the previous finish of Rs 8.51, having begun on the BSE at Rs 8.67 each and rising to an intraday high of Rs 8.89. The rally in the stock price was witnessed after the renewal of the CHA Service contract with the Indian Institute of Science, Bengaluru.

East West Holdings Limited through its wholly owned Subsidiary (WOS) East West Freight Carriers Limited has successfully renewed the 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," said East West Holdings in a stock exchange filing.
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 | believe that this year is going to be a fantastic year for the Company in terms of revenue and growth."

Through subsidiary WOS East West Freight Carriers Limited (EWFCL), East West Holdings Limited (EWHL) provides comprehensive logistic solutions. EWFCL was founded in 1976 and has been a major player in the Indian freight forwarding and logistics industry for more than 45 years. With more than 45 years of expertise, the company offers top-notch services in India for freight forwarding and global logistics. In addition to providing customised solutions to satisfy clients' needs for air freight, FCL, and LCL, the company also handles the worldwide transportation of large, heavy, high value or complex pieces of equipment which is usually project cargo.

The shares of East West Holdings reached a 52-week-high of Rs 11.47 on (18/12/2023) and a 52-week-low of Rs 3.83 on (29/03/2023). During Q2FY24, the company recorded promoters' shareholding of 61.28%, FIIs stake of 6.78% and public stake of 31.94%.