Why is Quess Corp Stock up Almost 200% Since May

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Why is Quess Corp Stock up Almost 200% Since May
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Quess Corp Ltd (NS: QUEC ) claims to be India’s largest private-sector employer that provides staffing services to other companies. It had around 3,85,000 employees on its payroll pre-pandemic. After the sudden lockdown was imposed in March, the number dropped to 3,25,000.

However, in an interview with Bloomberg TV, Quess Chairman Ajit Issac said that the company is seeing a rebound in the employment market and that he expects to finish the year close to “where we were at the beginning of the year. That is an indication of how the economy is going. I think the worst is over.”

That’s a very encouraging statement to make and the sentiment is reflected in the company’s share price that had dropped from over Rs. 600 in February to Rs. 166 in May. The stock is now trading at Rs. 477. It has risen over 18% in the last one week on the back of good economic data coming in from all sectors.

According to research by CMIE (Centre for Monitoring Indian Economy), India’s unemployment rate is now 6.98% as of October, down from 23.5% in April. An Economic Times reported said Isaac believes the rate will return to pre-Covid levels of 6%-7% with the construction and real estate sectors fueling demand for jobs.

In the last 12-month period the stock has returned -10% and is trading marginally lower since its IPO in July 2016. 

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