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Shares of business services provider Quess Corp Ltd surged as much as 9.5 per cent to Rs 948.45, their highest since July 18 as the company has agreed to buy 51 per cent stake in Tata Business Support Services in a deal worth up to Rs 153 crore ($23.5 million).
Tata Sons will hold the remaining 49 per cent. The transaction is expected to close in the next few weeks and following the conclusion of the deal, the company is also expected to rebrand itself, the company said in a statement
The stock posted biggest intraday percentage gain since November 29, 2016.
According to Motilal Oswal, TBSS would fit into Quess' technology solutions portfolio, strengthening offerings and providing cross-sell opportunities.
Up to Monday's close, Quess had risen about 31.6 per cent this year.
(With inputs from Reuters)
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