Quicktouch Technologies experienced a remarkable surge of over 9% in its share price during the morning trade on the National Stock Exchange (NSE) on Wednesday, 25 September. This significant uptick comes on the heels of the company's announcement regarding the allotment of nearly 32 lakh shares to promoters and the public category. Investors looking to invest in stocks would have noticed Quicktouch shares opening at ₹153, compared to the previous closing price of ₹146. The stock quickly escalated by 9.2%, reaching ₹159.50, before stabilising at approximately ₹155 per share around 10:10 am.
Share allotment details
Following market hours on Tuesday, 24 September, Quicktouch Technologies disclosed that its board of directors had approved the allotment of 31,72,200 equity shares, each with a face value of ₹10. These shares were distributed to members of the promoter group and the public for cash at an issue price of ₹144 per share, resulting in a total amount of ₹45,67,96,800 raised on a preferential basis. Notably, BIR Foods & Restaurants Private Limited and Genius Townships Private Limited received allocations of 10,00,000 and 4,72,200 shares, respectively.
The recent share allotment has led to an increase in the company’s paid-up equity capital, which now stands at ₹9,81,59,960, comprising 98,15,996 shares with a face value of ₹10. Currently, Quicktouch Technologies has a market capitalisation of ₹96.57 crore. It is worth mentioning that the stock reached its 52-week high of ₹274 on 26 October last year, while its 52-week low was recorded at ₹105 on 6 June this year. As of the close on 24 September, the stock was down 26% year-to-date, which may provide potential investors with a lucrative opportunity.
New initiatives and projects
In addition to the share allotment, the board of Quicktouch Technologies has approved several strategic initiatives aimed at fostering growth and sustainability. One significant decision involves implementing green and renewable energy solutions across various educational institutions, including the installation of solar panels. This move represents Quicktouch’s initial foray into the renewable energy sector, showcasing the company’s commitment to promoting sustainability.
Quicktouch Technologies stated, “The company will pursue a green/renewable energy project through a joint venture with a renowned partner or by establishing a wholly owned subsidiary.” This initiative is aligned with the company's long-term vision of reducing carbon footprints and offering cost-effective energy solutions to educational institutions, thereby reinforcing its dedication to environmental stewardship.
Collaboration with Srikaya Foundation
Moreover, the board has approved a collaborative project with the Srikaya Foundation to establish an incubation centre, with an initial funding of ₹10 crore allocated for setup and promotion. This centre aims to provide infrastructure, business mentorship, technology support, and financial assistance to early-stage startups and entrepreneurs, contributing to the entrepreneurial ecosystem.
Additionally, Quicktouch Technologies is set to launch a new product named Digital Yodha, a channel partner application designed to facilitate business development through various partners. This innovative application will streamline the onboarding process for channel partners, allowing them to sell and promote Quicktouch's diverse range of products across different geographical markets. By enhancing the onboarding experience and providing effective promotional tools, Digital Yodha aims to strengthen Quicktouch's market presence and foster strategic partnerships.
Overall, Quicktouch Technologies' recent developments reflect its commitment to growth, sustainability, and innovation, making it a compelling option for those looking to invest in stocks.
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