Quess Corp

June 23 (Reuters) - Quess Corp Ltd QUEC.NS:

• QUESS CORP - UNIT ANNOUNCES STRATEGIC COLLABORATION WITH IGS AND IPA TO ESTABLISH INDO–JAPAN GCC CORRIDOR

Source text: ID:nBSES8WY3

Further company coverage: QUEC.NS

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April 28 (Reuters) - Quess Corp Ltd QUEC.NS:

• QUESS CORP - RECEIVES TAX ORDER W.R.T REFUND OF 422.4 MILLION RUPEES FOR FY 2023-24

Source text: ID:nBSE123C9r

Further company coverage: QUEC.NS

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April 27 (Reuters) - Quess Corp Ltd QUEC.NS:

• QUESS CORP LTD - GOT TAX DEPARTMENT ORDER FOR REFUND OF 1.55 BILLION RUPEES FOR FINANCIAL YEAR 2024-25

Source text: ID:nnAZN4SSWZQ

Further company coverage: QUEC.NS

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Updates milestone, adds chart

Oct 13 (Reuters) - Shares of India's BLS International Services BLSN.NS slid as much as 18% on Monday and were set for their worst day since March 2020, after the digital visa and passport services provider was barred from bidding for government tenders for two years.

The stock was last down about 13% at 294.3 rupees as of 11:44 a.m. IST, making it the top percentage loser on the 100-member Nifty small-cap index .NIFSMCP100, which was down 0.5%.

The Ministry of External Affairs banned the company from participating in tenders floated by it and Indian Missions, which represents India's diplomatic and consular offices abroad, BLS said on Friday.

The order from the ministry cites court cases and complaints from applicants, the company said, without providing further details.

BLS competes with bigger visa processing peers VFS Global and TeamLease Services TLSV.NS and Quess Corp QUEC.NS in the broader digital business services space.

The immigration consulting services market in India is expected to grow at a compound annual growth rate of 7%-10% from 2025 to 2029 as demand for international education and residency remains high, according to research group Technavio.

Indian Missions made up 12% of BLS International’s consolidated revenue in the first quarter of fiscal year 2026.

BLS said that its existing contracts with Indian Missions will continue to operate and the order does not impact its financials and operations.

The stock has dropped about 39% so far this year, while the small-cap index has declined nearly 4%.

(Reporting by Manvi Pant; Editing by Sonia Cheema)

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July 3 (Reuters) - Quess Corp Ltd QUEC.NS:

• QUESS CORP LTD - JOINS ONDC AS ANCHOR NETWORK PARTICIPANT

Source text: ID:nNSE7jx0Vp

Further company coverage: QUEC.NS

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June 3 (Reuters) - Quess Corp Ltd QUEC.NS:

• ANNOUNCED STRATEGIC BUSINESS LINE CAPITALISING ON SURGING GCC ECOSYSTEM

Source text: ID:nnAZN3XJOOR

Further company coverage: QUEC.NS

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April 14 (Reuters) - Quess Corp Ltd QUEC.NS:

• QUESS CORP LTD - DIGITIDE TO ISSUE 1 EQUITY SHARE FOR EVERY 1 QUESS SHARE

• QUESS CORP LTD - BLUSPRING TO ISSUE 1 EQUITY SHARE FOR EVERY 1 QUESS SHARE

Source text: ID:nBSETlCSH

Further company coverage: QUEC.NS

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** Shares of employment services firm Quess Corp QUEC.NS rise 3% to 654.7 rupees

** Co gets approval from National Company Law Tribunal for three-way split to create three publicly-listed companies

** More than 1.4 mln shares change hands, 5.2x its 30-day avg

** Avg rating of seven is a "buy"; median PT is 836 rupees - LSEG

** Stock has gained 6.5% so far this week

(Reporting by Ashna Teresa Britto in Bengaluru)

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March 4 (Reuters) - Quess Corp Ltd QUEC.NS:

• NCLT APPROVES COMPOSITE SCHEME OF ARRANGEMENT FOR QUESS CORP, DIGITIDE, BLUSPRING

Source text: ID:nBSE76WKC6

Further company coverage: QUEC.NS

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Feb 5 (Reuters) - Quess Corp Ltd QUEC.NS:

• QUESS CORP LTD - TAX DEPARTMENT IMPOSES PENALTY OF 164.5 MILLION RUPEES

• QUESS CORP - TAX DEPARTMENT IMPOSES ANOTHER PENALTY OF 381.5 MILLION RUPEES

Source text: ID:nBSE8b4nZZ

Further company coverage: QUEC.NS

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** Shares of Quess Corp QUEC.NS rise 3.7% to 625 rupees

** Staffing solutions provider gets income tax department order for tax refund of 207.4 million rupees ($2.4 million) for assessment year 2017-18

** Stock set to snap four-session losing streak

** QUEC gained 26.6% in 2024

($1 = 86.5480 Indian rupees)

(Reporting by Vijay Malkar)

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Dec 26 (Reuters) - Quess Corp Ltd QUEC.NS:

• QUESS CORP LTD - HIGH COURT QUASHES 1.80 BILLION RUPEES DEMAND AGAINST QUESS CORP

Source text: ID:nNSE1blbks

Further company coverage: QUEC.NS

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Dec 3 (Reuters) - Quess Corp Ltd QUEC.NS:

• APPROVED PURCHASE OF FOOD CATERING, FACILITY MANAGEMENT SERVICES BUSINESS

• PURCHASE OF BUSINESS OF ARCHER INTEGRATED SERVICES, ASTRIN TRADERS

• DEAL FOR 110 MILLION RUPEES

Source text: ID:nBSE90tl5g

Further company coverage: QUEC.NS

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Oct 29 (Reuters) - Quess Corp Ltd QUEC.NS:

• RECEIVED DEMAND ORDERS FOR 603.7 MILLION RUPEES

Source text: ID:nBSE4TLJRV

Further company coverage: QUEC.NS

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Oct 24 (Reuters) - Quess Corp Ltd QUEC.NS:

• QUESS CORP - NCLT DISPOSED FIRST MOTION APPLICATION

Source text for Eikon: ID:nNSE3gmrR6

Further company coverage: QUEC.NS

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** Shares of Quess Corp QUEC.NS climb ~5% to 747.70 rupees

** Workforce management firm's Q1 consol net profit more than doubled, helped by a one-time gain

** Excluding the gain, profit climbed 63% Y/Y, while rev rose 9%

** Profit margins expanded to 2.2% from 1% yr ago

** Stock up ~41% YTD after gaining ~27% in 2023

(Reporting by Kashish Tandon in Bengaluru)

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July 29 (Reuters) - Quess Corp Ltd QUEC.NS:

• QUESS CORP Q1 CONSOL NET PROFIT 1.04 BILLION RUPEES

• QUESS CORP Q1 CONSOL REVENUE FROM OPERATIONS 50.03 BILLION RUPEES

Source text for Eikon: ID:nBSE7k3Ztv

Further company coverage: QUEC.NS

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** Shares of IT services firm Allsec Technologies ALLS.NS surge as much as 20% to a record high of 1,011.35 rupees in heavy trade

** Co says March-quarter consol net profit came in 71% higher y-o-y, revenue from operations up 20.12%

** More than 1.1 mln shares change hands in the stock's most active session since May 2005

** Allsec stock up 52.2% YTD, after a 27.6% rise in 2023

(Reporting by Rama Venkat in Bengaluru)

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** Shares of workforce management co Quess Corp QUEC.NS rise as much as 16.1% to 582 rupees; logs sharpest intraday pct gain since Oct. 27, 2022

** Stock of QUEC hits highest level since Oct. 19, 2022, eyes a fourth consecutive session of gains

** QUEC on Friday announced a three-way demerger of its diversified businesses

** Demerger to result in three separate listed cos, namely Quess Corp, Digitide Solutions and Bluspring Enterprises

** Volumes at ~11.8x the 30-day avg, making it the most active trading session since March 29, 2023

** Stock up ~10.5% in February

(Reporting by Anisha Ajith in Bengaluru)

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Feb 16 (Reuters) - Quess Corp Ltd QUEC.NS:

• ANNOUNCES THREE-WAY DEMERGER OF ITS DIVERSIFIED BUSINESSES

Source text for Eikon: ID:nBSE7pQb3Y

Further company coverage: QUEC.NS

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Feb 15 (Reuters) - Zaggle Prepaid Ocean Services Ltd ZAGG.NS:

• ZAGGLE PREPAID OCEAN SERVICES LTD - ENTERED INTO AN AGREEMENT WITH QUESS CORP

• ZAGGLE PREPAID OCEAN SERVICES LTD - GETS ORDER WORTH 100 MILLION RUPEES

Source text for Eikon: ID:nBSE33wxsv

Further company coverage: ZAGG.NS

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In Feb. 8 story, corrects to Blackstone Mortgage Trust, from Blackstone's real estate investment trust, in paragraph 13

By Mehnaz Yasmin

Feb 8 (Reuters) - Short seller Muddy Waters has placed bets against the shares of Canadian insurer Fairfax Financial FFH.TO alleging manipulation in its asset values.

Shares of the property and casualty insurer sank 12% on Thursday, and set for their worst drop since Sept. 2008.

Fairfax currently has a short interest of 0.65% of free float worth C$203.81 million ($151.36 million), with short sellers having made over C$21 million in paper profits so far today, according to data from Ortex.

The Canadian company's insurance business has struggled to remain profitable even after the hurricane-related catastrophes in 2017, Muddy Waters wrote in a research note.

"This underperformance pressured Fairfax into becoming aggressive in pulling accounting levers starting in 2018," the short seller said.

"We find that Fairfax has consistently manipulated asset values and income by engaging in often value destructive transactions to produce accounting gains," it added.

Fairfax disagreed with the report, while assuring shareholders it "has prepared its financial statements and reporting in accordance with all applicable accounting principles".

Reuters was not immediately able to verify the allegations made in the report. Short sellers make money by betting that the price of a security (such as a stock) will decrease.

Fairfax was founded in 1985 by Canadian-Indian billionaire Prem Watsa, who is also its chairman and CEO. He is also known as 'Canada's Warren Buffett'.

"We see Fairfax as far more akin to GE than to Berkshire Hathaway," the hedge fund said.

It also alleged Fairfax carried several of its investments at "unrealistic" carrying values. According to the hedge fund, the market value of its shares in Indian outsourcing provider Quess Corp QUEC.NS was $477.2 million, while Fairfax continued to carry it at about $1 billion.

In 2019, Fairfax raised its stake in Quess to more than 32% after acquiring over 256,000 shares. As of Sept. 30, it carries the Indian company at a 87% premium to its market value, Muddy Waters said.

Last year, Muddy Waters bet against the credit of the Luxembourg-based commercial landlord CPI Property Group O5G.DE in November and Blackstone Mortgage Trust BXMT.N in December.

Fairfax becoming the latest short-seller target comes nearly a year after hedge fund bets against Canada's TD Bank Group TD.TO hit $4.2 billion, making it the world's most-shorted banking stock, according to data provider ORTEX's calculations.

In its most recent third-quarter earnings report, Fairfax reported a profit that more than doubled to C$1.19 billion, compared with C$582.7 million a year earlier.

Net premiums written also grew 4.8%, while gross premiums written also rose 5% in the quarter.

"The MW report does NOT raise concerns with the earnings power of the business," National Bank of Canada wrote in a research note on Thursday.

"The MW report does not describe any fraudulent or nefarious accounting tactics, but only potentially aggressive valuation marks," it added.

($1 = 1.3465 Canadian dollars)

(Reporting by Mehnaz Yasmin, Manya Saini and Shashwat Chauhan in Bengaluru; Editing by Arun Koyyur and Krishna Chandra Eluri)

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Feb 12 (Reuters) - Quess Corp Ltd QUEC.NS:

• TRIBUNAL GRANTED CONDITIONAL STAY ON 80% OF DEMAND AMOUNT

• ITAT HAS DIRECTED TO PAY REMAINING 20% DEMAND AMOUNT ON OR BEFORE FEB 29

Source text for Eikon: ID:nBSE1m6rTG

Further company coverage: QUEC.NS

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Feb 6 (Reuters) - Quess Corp Ltd QUEC.NS:

• QUESS CORP LTD - QDIGI STAKE SALE FOR CONSIDERATION OF 800 MILLION RUPEES

Source text for Eikon: ID:nNSEbLCslC

Further company coverage: QUEC.NS

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Jan 5 (Reuters) - Quess Corp Ltd QUEC.NS:

• NFRA IMPOSED PENALTY ON CHARTERED ACCOUNTANTS WHO ISSUED REPORTS FOR FY2018-19, 2019-20, 2020-21 FOR CO

• COMPANY HAS FILED AN APPEAL BEFORE INCOME TAX APPELLATE TRIBUNAL AGAINST ASSESSMENT ORDER

Source text for Eikon: ID:nBSE46VwNj

Further company coverage: QUEC.NS

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Dec 22 (Reuters) - Quess Corp Ltd QUEC.NS:

• APPROVED RESTRUCTURING OF OVERSEAS UNITS BY ACQUISITION OF 56% STAKE IN MFXCHANGE HOLDINGS

Further company coverage: QUEC.NS

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** IIFL Securities initiates coverage on Indian workforce management co Quess Corp QUEC.NS with "buy" rating, 12-month PT 620 rupees

** Says QUEC's FY23 profitability was largely impacted by EBITDA loss in its jobs platform Foundit, expects unit to turn EBITDA neutral in FY25

** Higher thrust on manufacturing, opportunities in Tier II and III cities, and expansion of commercial real estate are key growth drivers for co - brokerage

** Quess' recent increase in focus on manufacturing and construction segments is timely and will further diversify its client mix - IIFL

** Quess shares rose as much as 3% to highest since Nov 2022 to 528.45 rupees, last up 1.7% at 521.95 rupees

** Shares up ~ 27% YTD

(Reporting by Sethuraman NR in Bengaluru)

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Dec 4 (Reuters) - Quess Corp Ltd QUEC.NS:

• QUESS AND NATIONAL SKILL DEVELOPMENT CORPORATION (NSDC) SIGN MOU

Source text for Eikon: ID:nBSE5rSdtT

Further company coverage: QUEC.NS

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By Savio Shetty

Nov 28 (Reuters) - Soaring attrition in India's financial sector will persist through next fiscal year due to a demand-supply mismatch, a senior executive at TeamLease, one of India's largest staffing services providers, said on Tuesday.

HDFC Bank, India's largest private lender, saw its employee turnover rate rise to 34% in the last fiscal year from 27.6% a year earlier. At Axis Bank, it climbed to nearly 35% from 31.6%.

Meanwhile, Kotak Mahindra Bank's attrition surged to about 50%, with smaller peer Yes Bank in tow at 43%.

"The demand for salespeople (selling personal, home, agriculture and other loans) is huge," Kartik Narayan, the chief executive for staffing at TeamLease, told the Reuters Trading India forum.

These employees are underpaid and undertrained and a salary hike of even 1,000 rupees ($12) per month is enough to make them switch jobs, he added.

Narayan expects this trend to continue, adding that employment in the BFSI (banking, financial services and insurance) sector is under "tremendous pressure", with frontline attrition rates persisting at 30%-40%.

Further, the central bank's measures to rein in unsecured lending will not impact the sector's employment needs, he said.

Earlier this month, the Reserve Bank of India tightened norms for personal loans and credit cards, raising concerns about a potential slowdown in loan growth.

"I feel that (in the) immediate (future), perhaps there won't be an effect," Narayan said.

While the general staffing business is growing robustly, tech staffing is going through a different cycle, he added.

The hiring boom during the pandemic due to a sharp rise in demand for digital products has now moderated.

"Some of this (tech hiring) is also cyclical and we do expect it to start recovering in another two quarters," Narayan said.

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(Reporting by Savio Shetty; Editing by Sohini Goswami)

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Sept 1 (Reuters) - Quess Corp Ltd QUEC.NS:

• DISPUTE RESOLUTION PANEL PASSED ORDER ISSUING DIRECTIONS WHEREIN PARTIAL RELIEF ALLOWED TO CO

• DEPUTY COMMISSIONER OF INCOME TAX TO PASS NECESSARY ORDERS QUANTIFYING TAX LIABILITY PAYABLE FOR FY 2018-19

• CO RESERVES RIGHT TO FILE APPEAL AGAINST FINAL ASSESSMENT ORDER PASSED BY DCIT

• CO INTENDS TO VIGOROUSLY CONTEST ITS POSITION AND INTERPRETATIVE STANCE OF SECTIONS ON MERITS

• CO BELIEVES IT CAN STRONGLY DEFEND ITS POSITION THROUGH LEGAL PROCESS AS DEFINED UNDER INCOME TAX ACT

Source text for Eikon: ID:nNSE8yXr2n

Further company coverage: QUEC.NS

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