Shares of Easy Trip Planners Ltd. rallied 14%, reaching a day’s high of Rs 44.38 on 5th September, after the company announced the incorporation of a wholly-owned subsidiary for electric bus manufacturing. The company’s shares surged 14% in Thursday’s trade following the announcement by the online travel company.

In an exchange filing, the company stated that its Board of Directors, in a meeting on 5th September 2024, approved the incorporation of a wholly-owned subsidiary for electric bus manufacturing, pending approval from the Ministry of Corporate Affairs.

The proposal for the electric bus manufacturing subsidiary is subject to approval from the Ministry of Corporate Affairs. Easy Trip Planners, which provides ticket booking, transport, tour planning, and accommodation services, has no prior experience in manufacturing.

No further details on the timeline for the subsidiary’s incorporation or the associated costs have been disclosed.

The company made headlines in January 2024 after suspending flight bookings to the Maldives, following a boycott trend sparked by derogatory remarks from some Maldives ministers about PM Narendra Modi’s visit to Lakshadweep.

The company’s market capitalisation rose to Rs 7,632 crore.

At 3:30 PM, the shares of EaseMyTrip closed 9.98% higher at Rs 42.77 on NSE.

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