Quess Corp jumps 4%

Quess Corp today morning rose 4% to hit an intra day high at Rs.1023. It has come off that high level and is now at Rs.997 levels. Its 52-week high stands at Rs.1198.90.

The company announced yesterday late evening that it has agreed to acquire jobs portal Monster.com’s India, Southeast and West Asia units as well as HCL Infosystems Ltd’s after-sales services business for consumer electronics and mobile phones.

This comes at a cost of Rs.48 crore. It is also buying Monster.com companies in Singapore, Hong Kong and Malaysia at an enterprise value of Rs.41 crore and HCL Computing Products Ltd for up to Rs.30 crore.

Quess was founded by Ajit Isaac and it was acquired in 2013 by Thomas Cook for Rs.256 crore; and then Thomas Cook itself was acquired by Prem Watsa company, Fairfax, in 2012.

Quess has come out with an IPO in 2016 and was touted to be the best IPO in eight years as it was subscribed 144 times. The IPO was priced at Rs.317.