This stock has been hitting upper circuits repeatedly for the past week or so. Is there any specific reason for that or is it just unlock 1.0 effect?
Making up for the unreasonable LCs it was hitting earlier IMO
Below may be the possible reasons.
- Weaker hands exited completely during Apr/May
- Promoter token buying from open market enhanced investors confidence
- Worst is almost behind for the company. Good times are ahead in the form synergies, margin expansion and debt reduction.
- The ongoing crisis provides good opportunities for temporary staffing firms.
Regards
Ramesh
Wanted to validate this and i do see that, thanks @sabbaniramesh
Ajit has increased his stake by 8 bps.
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Anyone has script or write up from the concall?
Could anyone attend the AGM today if yes would be greatful if you can post notes? Specially on the topic of the impairment of goodwill?
Betterplace is a company in the private space, which has a platform for the Blue Collar workforce. They manage the jobs creation, job closures, background verification. This seems to be an area of interest for staffing companies.
This is an area of low margins and wonder how all these companies will fare on the same. Naukri has rich cash flows, as they work on a subscription based model and they are only a database of candidates.
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The decision by California to treat Uber and Lyft workers as " Individual Contractors" vs Full time employees is a decision which will have a cascading impact on the Industry.
In India, most of the contractors working with the Global MNCâs or Indian Staffing companies are on the payroll of the staffing companies. The payroll contract ends when the contract with the customers end. The contracts are generally back - to back with the customer contracts.
Compare this with the business model that is followed by the IT services companies. They hire candidates who in turn are deployed to a customer( off-site or onshore). If the customer contract ends, the employees are shifted back to a âbenchâ till the time they are re-deployed.
The question of âan individual contractorâ vs âan employeeâ needs to be viewed from several angles. The profitability and ability to continue for a staffing company | the safety of a job| the individual contractor | ease of business | the eco-system etc
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âMonster and Qjobs are complementary products, each targeted at distinct segment of job seekers. Monster is a leading platform for white collar jobs, while QJobs aims to become the first port of call for both candidates and recruiters in the blue collar space,â says Suraj Moraje, Executive Director and Group CEO, Quess Corp.
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Monster in the second quarter of FY21 recorded positive EBDITA for second consecutive quarter. Both organic traffic and page views grew 56 and 51 percent respectively on a sequential basis.
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The recently launched Qjobs beta version had already seen nearly 1 lakh job postings, 3 million candidates and 2 lakh downloads with over 1,000 companies on the platform.
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Preliminary findings now suggest that both Wistron and the hiring firms violated several local labour laws. And while Wistron has apologized for the incident, they blamed a software glitch for the non-payment of dues. The hiring firms meanwhile have remained defiant even in the face of mounting criticism. And guess what? The only company that seems to have dealt with the situation proactively has been Apple.
Third-party staffing companies such as Quess Corp, Adecco, Innov Source, Randstad are under scanner for contracting labour to Wistron.
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Rahul Banerjee, Vice President, Corporate Affairs, Quess Corp said the company has a policy of not commenting on specific companies, owing to potential customer and contractual obligationsâŚâWe trust the legal system will move quickly to redress the situation and allow this critical manufacturing facility to come online at the earliest. We are extending all possible support to legal agencies conducting investigations, including providing them with documents,â he said.
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Quess said its Board has approved subscription of 49% equity shares in Taskmo, a gig economy start-up, for Rs 10 crore, to be invested in multiple tranches. Taskmo is a business to business managed marketplace that serves as an on-demand task fulfilment platform for enterprises seeking to outsource task based operations to a distributed network of gig workers. It uses an app and web based proprietary algorithm to train, match and deploy gig workers.
Update
https://twitter.com/CNBCTV18News/status/1357216790569340928
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Good news for Quess Corp which is into Human Resourceâs supply
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I have a questions regarding this management commentary in a report:
Trimax still owes INR1b at the end of FY21. Management stated that
further provisioning for the same would not be required. In addition to this,
total receivables from the government business stand at ~INR2b.
Do government businesses also eventually default?
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