Stock under Rs 200 jumps over 15 per cent as company announces Q1FY25 results & preferential issue and acquired 100 per cent stake in Pinnacle Exim IT Solutions LLC
The stock is up by 51,2 per cent from its 52-week low of Rs 105 per share.
Today, shares of Quicktouch Technologies Limited gained 15.70 per cent to Rs 158.80 per share from its previous closing of Rs 137.25. The stock’s 52-week high is Rs 274 and its 52-week low is Rs 105.
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 88.5 crore and reported positive numbers in its Quarterly Results (Q4FY24) and annual results (FY24). According to quarterly results, the net sales increased by 22.5 per cent to Rs 41.70 crore and the net profit increased by 33 per cent to Rs 1.53 crore in Q1FY25 compared to Q4FY24. 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.
Quicktouch Technologies Limited has 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.
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The company proposes to issue 34,72,200 equity shares at Rs 144 per share to raise approximately Rs 49,99,96,800 through a preferential allotment. The investors for this issue include promoters, related parties, and certain identified non-promoters. This proposed allotment is subject to the approval of shareholders and necessary regulatory clearances. The funds raised through this preferential issue will be utilized to support the company's business operations and growth initiatives. The participation of promoters and related parties is expected to strengthen their holding in the company. By including identified non-promoters, the company aims to diversify its shareholder base.
The shares of the company have a PE of 10x, an ROE of 74.5 per cent and an ROCE of 86.8 per cent. The stock is up by 51,2 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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