Quess Corp jumps after preferential issue to Amazon.com

Quess Corp was up 5.32% to Rs 463.55 at 11:09 IST on the BSE after the company said its board approved preferential issue of 7.54 lakh equity shares to Amazon.com NV Investment Holdings LLC, a category III foreign portfolio investor.

The announcement was made during market hours today, 12 July 2019.

Meanwhile, the S&P BSE Sensex was down by 13.36 points, or 0.03% to 38,809.75.

On the BSE, 53,000 shares were traded in the counter so far compared with average daily volumes of 78,000 shares in the past two weeks. The stock had hit a high of Rs 479.75 and a low of Rs 442.80 so far during the day. It hit a 52-week high of Rs 1,150 on 26 July 2018 and a 52-week low of Rs 416.20 on 9 July 2019.

The company's board approved the preferential issuance worth Rs 51 crore at Rs 676 per share to Amazon.com NV Investment.

The company will hold an extraordinary general meeting (EGM) of the company on 8 August 2019 for seeking approval of the members for the aforementioned preferential issue.

On a consolidated basis, Quess Corp's net profit fell 0.6% to Rs 76.09 crore on a 21.4% rise in the net sales to Rs 2294.77crore in Q4 March 2019 over Q4 March 2018.

Quess Corp is a business services provider. The company helps large and emerging companies manage their non-core activities by leveraging its integrated service offerings across industries and geographies.

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