Quess Corp Rises 9% Post Q2 Show; Increases Stake In Subsidiary

Shares of Quess Corp rose 9.5 percent intraday on October 31 after the company posted strong earnings in the quarter-ended September.

Its Q2 FY20 net profit increased 15.5 percent quarter-on-quarter and five percent year-on-year to Rs 65.03 crore.

Revenue rose 26 percent YoY to Rs 2,666.2 crore.

The board approved increase in the company’s stake in Vedang Cellular Services Pvt, a subsidiary, by 18.71 percent. Consequently, the company will hold 88.71 percent stake in Vedang on completion of the acquisition.

The board also approved appointment of Krishna Suraj Moraje as Executive Director and Group Chief Executive Officer (Designate) with effect from November 4.

At 09:59 hrs Quess Corp was quoting at Rs 518.85, up Rs 44.85, or 9.46 percent on the BSE.―Money Control