Quess Corp. Shares Surge 16% On Plans To Split Business Into Three Entities

Shares of Quess Corp. Ltd. surged over 16% after it approved spinning off the business services provider's diversified verticals into three independent entities to unlock value.

Quess Corp stock jumped 16.07% during the day to Rs 582 apiece on the NSE, the highest jump since June. 11, 2021. It was trading 13.21% higher at Rs 567.65 apiece, compared to a 19% advance in the benchmark Nifty 50 as of 9:25 a.m.

The stock has risen 51.23% in the past 12 months. The total traded volume so far in the day stood at 193 times its 30-day average. The relative strength index was at 73, indicating that stock may be overbought.

Five out of the seven analysts tracking have a 'buy' rating on the stock, one recommends a 'hold' and one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies an upside potential of 1.4%