IT Stock Zooms 15% After Declaring Q1 Results; 100% Stake In Pinnacle Exim IT Solutions LLC

On Wednesday, the shares of Quicktouch Technologies Ltd opened on the NSE at Rs 158.80 apiece which is a gain of 15.70% from its previous close of Rs 137.25. The buying trend seen in the stock after the company announced its financial results for the quarter ended 30th June 2024 along with major announcements regarding its growth trajectory.

In the quarter that ended in June 2024, Quicktouch Technologies' net profit jumped by 146.77% to Rs 1.53 crore, from Rs 0.62 crore in the quarter that ended in June 2023. Sales surged 266.43% to Rs 41.70 crore in the June 2024 quarter from Rs 11.38 crore in the June 2023 quarter.

The company on Tuesday, August 06, 2024 also said that its Board of Directors approved the acquisition of 100% stake in Pinnacle Exim IT Solutions LLC, a Company incorporated in UAE. "The acquisition is expected to significantly extend Quicktouch's reach into foreign markets, with Pinnacle's established networks in the Middle East, Singapore, Hong Kong, and other countries. This acquisition aligns with Quicktouch's strategic vision of becoming a leader in technology and digital services. By integrating Pinnacle's expertise and resources, Quicktouch can enhance its capabilities, offer a broader range of services, and deliver greater value to its clients worldwide," said the company in a stock exchange filing.

In the meeting the Board also approved to issue upto 34,72,200 equity shares of the company, having a face value of Rs 10/- at a price of Rs 144/- each aggregating upto Rs 49,99,96,800/- to the promoter and non promoter persons / entity by way of preferential issue.

Quicktouch Technologies Limited recently inked a major long-term agreement with CSC Academy on July 27, 2024. Under the terms of this deal, Quicktouch Technologies will supply an extensive school resource management system that will be put into use for ten years at a number of CSC Academy-affiliated schools.

The company has previously approved the 100% acquisition of the entire stake in the UAE-based Grenew FZE on February 29, 2024. For monetary consideration, Quicktouch Technologies has invested in securities to acquire 150 shares at 1,000 AED apiece.

From its previous closure of Rs 137.25, the share price of Quicktouch Technologies Ltd. jumped by 10.75%. The last traded price of Quicktouch Technologies Ltd.'s shares was 152.00.