Quess Corp spurts after acquiring majority stake in TBSS

Quess Corp surged 4.95% at Rs 908.80 at 12:06 IST on BSE after the company's board approved acquisition of 51% equity stake in Tata Business Support Services for cash consideration of upto Rs 153 crore.

The announcement was made after market hours yesterday, 20 November 2017.

Meanwhile, the S&P BSE Sensex was up 166.68 points or 0.5% at 33,526.58.

On the BSE, 45,000 shares were traded on the counter so far as against the average daily volumes of 8,198 shares in the past one quarter. The stock had hit a high of Rs 948.45 and a low of Rs 900.10 so far during the day. The stock had hit a record high of Rs 1,068 on 8 June 2017. The stock had hit 52-week low of Rs 556.95 on 21 November 2016.

The stock had underperformed the market over the past 30 days till 20 November 2017, rising 2.95% compared with 2.99% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 0.06% as against Sensex's 6.61% rise. The scrip, however, outperformed the market in past one year, surging 50.57% as against Sensex's 29.48% rise.

The large-cap company has equity capital of Rs 138.33 crore. Face value per share is Rs 10.

Quess Corp announced that it has signed a definitive agreement with Tata Sons and Tata Capital to acquire a 51% stake in Tata Business Support Services (TBSS). Tata Sons will hold the remaining 49%. 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, Quess Corp said.

TBSS is a customer experience management company, with over 10 years of sectoral expertise. The company serves diverse third-party clients in the BFSI, auto & manufacturing, telecom & media, retail and in emerging industries, in India and abroad.

Quess Corp's consolidated net profit surged 366.77% to Rs 140.59 crore on 25.18% rise in net sales to Rs 1273.95 crore in Q2 September 2017 over Q2 September 2016.

Quess Corp is India's leading integrated business services provider. It serves customers across four segments namely, global technology solutions, people & services, integrated facility management and industrials.

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