Stock Under Rs 200 in Green as Board Allocates 3,20,000 Equity Shares to Non-Promoter on Conversion of Warrants
The stock is up by 52.33 per cent from its 52-week low of Rs 105 per share.
The company proposes to issue 3,20,000 Equity Shares at a premium of Rs 186.17 each through a Preferential Allotment to existing warrant holders. These shares will be issued upon conversion of an equal number of Warrants allotted on January 30, 2024, at an issue price of Rs 196.17 each. The conversion will require the payment of a balance amount of Rs 147.13 per warrant, aggregating to Rs 4,70,80,800. The allotment of these shares will result in the conversion of 3,20,000 Warrants into fully paid-up Equity Shares of Re 10 each to the non-promoter – Pooja Agarwal.
Earlier, Quicktouch Technologies Limited approved the acquisition of a 100 per cent stake in UAE-based Pinnacle Exim IT Solutions LLC, an IT services company with expertise in software development, data analytics, and IT network services. Pinnacle has a strong presence in the Middle East, Singapore, and Hong Kong, with a revenue of AED 621,310 and a net profit margin of 59.57 per cent in June 2024. The acquisition, valued at USD 17,321,376 for 300 shares, aims to expand Quicktouch's market reach and enhance its technological capabilities. This deal, unrelated to any related party transactions, is expected to be completed by December 2025, subject to necessary approvals. Pinnacle's established track record and market position are anticipated to drive growth and create synergies for Quicktouch, ultimately increasing its market share and product offerings.
Today, shares of Quicktouch Technologies Limited gained 3.80 per cent to Rs 159.95 per share from its previous closing of Rs 154.10 with an intraday high of Rs 161.60 and an intraday low of Rs 155. The stock’s 52-week high is Rs 274 and its 52-week low is Rs 105.
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Incorporated in 2013, Quicktouch Technologies Limited is an information technology company. The company is in the business of software IT solutions and consulting services, IT product/software development & software commercial training and web designing.
The company has a market cap of Rs 99.65 crore and reported positive numbers in its Quarterly Results (Q1FY25) and annual results (FY24). According to quarterly results, the net sales increased by 266.4 per cent to Rs 41.70 crore and the net profit increased by 146.8 per cent to Rs 1.53 crore in Q1FY25 compared to Q1FY24. In its annual results, the net sales increased by 39 per cent to Rs 122.16 crore and net profit increased by 5.3 per cent to Rs 6.73 crore in FY24 compared to FY23.
The shares of the company have a PE of 15x, an ROE of 75 per cent and an ROCE of 85 per cent. The stock is up by 52.33 per cent from its 52-week low of Rs 105 per share.
Disclaimer: The article is for informational purposes only and not investment advice.
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