Quess Corp crashes 20 per cent intra-day

The shares of Quess Corp sank 20 per cent in today’s trading session. However, this fall is most likely attributable only to market perception.

A fund raising proposal was in the works; however, the company has deferred this decision to a later date.

Furthermore, the board also appointed Manoj Jain as the Business Head of the company. Earlier, he was working in the capacity of a Chief Financial Officer (CFO). He was replaced by Subramanian Ramakrishnan, who occupied the position of Deputy CFO until then.

In FY18, the company forayed into the business of 'Smart City' projects. It did suffer some challenges in the working capital during FY19, mainly on account of longer cash collection cycles. However, the project is being executed successfully.        

Due to these concerns, the company has decided not to undertake any more 'Smart City' projects owing to their long cash collection cycles. Moving forward, the focus will be on growing the company’s mobile telecom tower business, industrial asset management business as well as the recent renewable energy business.

By means of a subcontracting arrangement with associate Trimax Smart Infraprojects (TSI), the company provided hardware, software as well as maintenance and technical support to Trimax IT Infrastructure & Services.

On Thursday, the shares of Quess Corp opened at Rs. 534.00, and hit a high and low of Rs. 534.00 and Rs. 417.00, respectively. The stock closed at Rs. 450.80, down 13 per cent.