Quess Corp surges on Amazon investment

Image result for Quess Corp surges on Amazon investmentShares of business services provider Quess Corp Ltd jump as much as 9.1 per cent to one-week high of 479.9. At 12.20 pm, the stocks of Quess Corp were trading 9.81 per cent higher at 483.25.

Amazon.com’s investment arm will invest 510 million ($7.44 mln) in the firm. The company will issue 754,437 shares to Amazon.com NV Investment Holdings LLC at 676 per share and the investor will hold 0.51 per cent stake in Quess Corp.

Quess’ stock marks sharpest intra-day jump since January 22. Around 1.4 million shares change hands by 0608 GMT, against 30-day average of 417,790 shares. 9 of the 11 analysts covering the stock have a “buy” or ”strong buy” rating, 1 has “hold” while 1 rates it at “strong sell”; median PT is 830, according to Refinitiv data.

The stock was down 33.4 per cent this year as of last close ($1 = 68.5450 Indian rupees)


Author: Ayaan