Stocks

Quess Corp climbs 12% on higher revenues

BL Internet Desk | Updated on October 31, 2019 Published on October 31, 2019

Quess Corp climbed 12% today after the company reported stronger revenues with moderate increase in net profit for the second quarter ended September 2019.

On the NSE, the stock rose Rs 56.45, or 11.90%, to Rs 530.50. At 10 am, the volumes traded in the counter were 3,78,546 shares.

The company showed a 5.49% rise in consolidated net profit to Rs 65.03 crore for the Q2FY20. It had posted a net profit of Rs 61.64 crore YoY, a BSE release said.

Quess Corp's consolidated revenue from operations stood at Rs 2,650.25 crore Q2FY20. It was Rs 2,091.71 crore YoY.

A section of the media reported that Amazon.com's investment arm will invest ₹510 million ($7.44 mln) in the firm. The company will issue 754,437 shares to Amazon.com NV Investment Holdings LLC at ₹676 per share and the investor will hold 0.51 per cent stake in Quess Corp.

Quess Corp on Wednesday said its board has approved increasing the company''s stake in its subsidiary Vedang Cellular Services by 18.71 per cent for a cash consideration of up to Rs 10 crore.

Consequently, Quess Corp will hold 88.71 per cent shares in Vedang, the company said in a BSE filing.

Also, the board of Quess Corp  last Friday approved acquisition of remaining 49 per cent stake in Trimax Smart Infraprojects Pvt Ltd, a subsidiary of Quess.

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Published on October 31, 2019
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