Quess Corp surges 6% on acquiring TBSS

NEW DELHI: Shares of Quess Corp surged over 6 per cent in Tuesday's trade after the company acquired Tata Business Support Services ( TBSS) for Rs 153 crore on Monday.

Following the development, the stock gained 6.39 per cent to Rs 921.30 on BSE. It opened at Rs 915.30 and touched an intraday high and low of Rs 948.45 and Rs 913.50 respectively, in the first hour of trade.

The company will own 51 per cent of the Hyderabad-headquartered company, with Tata Sons holding the remaining stake.

The TBSS acquisition adds 27,000 employees to Bengaluru-headquartered Quess, which had reported a headcount of 212,500 employees in the September 2017-ending quarter.

In its statement to exchanges, Quess said TBSS is a Customer Experience (CX) management company that reported Rs 661 crore in revenue and 8.5 per cent operating margins.

Promoters held 81.52 per cent stake in the company as of September 2017.

For the quarter ended September 30, 2017, the company reported total revenue at 3,360.72 crore and net profit stood at 90.21 crore.