Quess Corp Zooms 13% On Acquisitions, Strong Q2 Earnings

Quess Corp shares zoomed 13 per cent to hit all-time high of Rs 672 after the staffing solutions provider said that it has entered into agreements to acquire stakes in Singapore-based Comtel Solutions and two domestic firms - Terrier Security Services and Simpliance Technologies - for undisclosed sums.

The company "has entered into a binding agreement of terms to acquire a majority stake in Comtel Solutions Pte Ltd marking Quess entry into the technology staffing domain in Singapore," Quess Corp said in a filing to the BSE.

The deal would also give a boost to Quess' operations in Asia Pacific markets such as Malaysia, the Philippines and Sri Lanka, where it operates, it added. 

Initially, Quess will acquire a 64 per cent stake in Comtel, while the balance would be acquired in a phased manner over 2018-20, it added.

The Bengaluru-based company will also acquire a 49 per cent stake in Terrier Security Services India Pvt Ltd, marking its entry into the manned guarding and security solutions business, Quess Corp said in another filing to the BSE.

Quess Corp has also entered into a definitive agreement to acquire a 45 per cent stake in Simpliance Technologies Pvt Ltd.

Meanwhile, Quess Corp's net profit in September quarter rose 56 per cent to Rs 28.81 crore on sales of Rs 1,017 crore.

Newly listed Quess Corp has outperformed the market by surging 60.5 per cent from its issue price of Rs 400.

Quess Corp shares ended 6 per cent higher at Rs 640.80. (With PTI inputs)