Thomas Cook India is the top gainer on the BSE, rising over 14% to Rs.135 levels and volumes have surged over 6 times. And along with it, Quess Corp, a step-down subsidiary of Fairfax Financial Holdings Group; held through its Indian listed subsidiary, Thomas Cook India is also up in the green, rising over 17% at Rs.554.70.
Quess Corp announced its Q2FY20 results yesterday and it reported a 5% (YoY) rise in net profit at Rs.65 crore on a 27% jump in revenue at Rs.2650 crore.
And in its earnings statement, the company said that the demerger of Thomas Cook India Ltd (TCIL) is expected to be completed by December 2019.
Post demerger, Quess will be directly held by Fairfax Holdings at 33%, with public float rising from 28% to 44%.
Thomas Cook had acquired Quess in 2013 and as of now holds 48.57% stake in Quess.
Madhav Menon, CMD of Thomas Cook resigned with immediate effect from Quess as its non-executive director.