Quess Corp snaps 3-day losing streak after big block deal, promoters likely increase stake

The deal was carried out at 10 percent premium to previous closing price of Rs 343.35.

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Business services provider Quess Corp’s shares gained over 6 percent in early trade of March 29 after 4.5 percent of the company’s equity changed hands at an average of Rs 377.5 per share.

The deal was carried out at 10 percent premium to previous closing price of Rs 343.35. At 9:45 am, the stock was quoting at Rs 363.90 on the NSE, higher by 5.9 percent.

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The buyers and sellers were not known immediately, but dealers Moneycontrol spoke to said that promoters have increased stake.

Meanwhile, CNBC-TV18 reported that Prem Watsa-owned Fairbridge Capital Mauritius has acquired a 4.5 percent stake via the reverse book-building process, taking its overall holding to 34.6 percent.

As of December’s shareholding pattern, promoters held 51.86 percent of the company including an 11.42 percent stake with chairman Ajit Isaac. In the last year, he has steadily increased his stake from 11.22 percent to 11.42 percent. Meanwhile, Fairbridge Capital Mauritius’ stake stood at 29.61 percent.

The stock has been on a downtrend for the past year. It hit a 52-week high of Rs 728.30 on  April 25, 2022, and has declined 50 percent since then. The stock’s all-time high was in June 2018 above the Rs 1200 level.

In Q3 FY23, Quess Corp reported a 3.25 percent decline in consolidated profit after tax (PAT) at Rs 85.63 crore. Meanwhile, revenue from operations grew by 21.18 percent during the quarter to Rs 4,465.55 crore. The company’s operating margins continue to range between 3-5 percent.

As per Bloomberg, the company has 6 buy calls, 1 hold and 1 sell call. The consensus 12-month target price was Rs 505.17, indicating a 41 percent upside from the current market price.