Quess Corp to acquire 70pc stake in Quess East Bengal Football Club

Quess Corp Limited informed the stock exchanges that the company has approved the acquisition of 70 percent equity of Quess East Bengal Football Club Private Limited, a newly incorporated company.

Quess Corp said in the exchange filing on Tuesday that the company has formed a Joint Venture (JV) with Kolkata’s East Bengal Club. The JV Company will have the marketing and commercial rights related to the sporting activities of the football club.

Quess Corp will hold a 70 percent stake in Quess East Bengal FC Pvt. Ltd, as per statement of the company. The investment is expected to offer a long-term and optimized branding platform for the company together strengthening the brand awareness of the company. The acquisition will be completed latest by August 30, 2018.

At 3.00 pm on Wednesday, the stock of Quess Corp was trading at Rs.1075 per share, up 0.54% on NSE. The stock opened at Rs.1060 and touched an intraday high of Rs.1088 per share on NSE. Meantime NSE benchmark Nifty traded down by 25 points at 10,983-marks and BSE Sensex traded 154 pints down at 36365.97.

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Federal Bank posts a 25 pc net profit; Shares jump

Federal Bank Limited reported a 25% increase in net profit for the Q1FY 2018-19, as per stock exchange filing. The Strong growth achieved based on lower provisioning and an increase in net interest income.

After news report, Federal Bank’s share price surged over 17 percent from the previous close. On Monday, Federal Bank’s share prices hit a 52-week low.

Federal Bank’s net profit For the April-June quarter stood at Rs 262.71 cr from Rs 210.15 cr in the corresponding period a year ago. Net interest income was up by 22.4% to Rs 980.06 crore from Rs 800.67 in the previous year. Federal Bank’s gross NPA rose by 55.58% to Rs 2,868.82 crore in April-June 2018 from Rs 1,867.94 crore last year.

During first afternoon hours of trade, Federal Bank share price was quoting Rs. 87.70, up Rs 13.60, or 18.35%, from its last close of Rs. 74.10 on the BSE. The stock opened at Rs. 74.95 and has touched a high of Rs 84.15 and and a low of Rs. 73.60, during the day.

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IPO Lane-7 Cos to tap Market to raise Rs14000 Cr

The Initial Public Offering (IPO) of about seven companies including HDFC Mutual Fund and Lodha Developers are expected to hit the capital market in the upcoming week to raise more than Rs 14,000 crore.

TCNS Clothing Co. Limited, which designs, manufactures, markets, and retail women’s branded apparel, will also launch its Rs 1,125-crore initial share-sale this week.

Flemingo Travel Retail, Nekkanti Sea Foods, Patel Infrastructure and Genius Consultants are also expected to launch their respective initial public offering in the coming week.

These 7 companies are aiming to raise more than Rs 14,000 crore. These companies have already secured Sebi’s approval to float the public offer and now they are expected to launch their initial public offers next month.

Further 18 companies have raised Rs 23,670 crore through their respective IPOs in January-June this year.

Real estate major Lodha Developers Limited plans to hit the capital market this month with its IPO to raise about Rs 5,500 crore, as per market info. The Company had on July 6 received markets regulatory approval for the IPO.

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