Quess Corp gains after shareholders approve NCD issue

Quess Corp rose 1.16% to Rs 677.10 at 10:24 IST on BSE after the company said its shareholders approved issue of non-convertible debentures worth Rs 150 crore.

The announcement was made after market hours yesterday, 17 January 2017.

Meanwhile, the BSE Sensex was up 179.15 points, or 0.66%, to 27,414.81.

On the BSE, so far 378 shares were traded in the counter, compared with average daily volumes of 31,565 shares in the past one quarter. The stock had hit a high of Rs 679 and a low of Rs 671.50 so far during the day.

The stock hit a record high of Rs 702.20 on 29 November 2016. The stock hit a 52-week low of Rs 452.40 on 14 July 2016. The stock had underperformed the market over the past 30 days till 17 January 2017, rising 0.09% compared with the 3.26% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 12.14% as against Sensex's 2.68% decline.

The mid-cap company has equity capital of Rs 126.79 crore. Face value per share is Rs 10.

Quess Corp said that its shareholders approved the proposal to issue non-convertible debentures (NCDs) worth Rs 150 crore. The proposal was granted through a postal ballot process on 17 January 2017. The company's board had approved the NCD issue in its meeting held on 28 November 2016.

Meanwhile, the company said that a special committee will meet on 20 January 2017 to approve the terms of issuance of the NCDs. The committee will fix the dates for opening the offer to issue NCDs. The committee will fix issue price of the NCDs. The committee will appoint the debenture trustee for the issuance.The committee will also approve the other terms of the issuance.

On a consolidated basis, net profit of Quess Corp rose 65.86% to Rs 30.12 crore on 26.92% rise in net sales to Rs 1017.70 crore in Q2 September 2016 over Q2 September 2015.

Quess, India is leading integrated business services provider. It serves over 1300+ customers across four segments namely, global technology solutions, people & services, integrated facility management and industrial asset management.

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