Stocks

Quess Corp surges on Amazon investment

Reuters July 12 | Updated on July 12, 2019 Published on July 12, 2019

Shares of business services provider Quess Corp Ltd jump as much as 9.1 per cent to one-week high of ₹479.9. At 12.20 pm, the stocks of Quess Corp were trading 9.81 per cent higher at ₹483.25.

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' stock marks sharpest intra-day jump since January 22. Around 1.4 million shares change hands by 0608 GMT, against 30-day average of 417,790 shares. 9 of the 11 analysts covering the stock have a “buy” or ”strong buy” rating, 1 has “hold” while 1 rates it at “strong sell”; median PT is ₹830, according to Refinitiv data.

The stock was down 33.4 per cent this year as of last close ($1 = 68.5450 Indian rupees)

Published on July 12, 2019
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