Majestic Research Services and Solutions
(MRSS) announced on Wednesday that the company has acquired 100% stake in the Singapore-based market research company, Market Probe Pacific Pte Ltd (MPA) from its US parent Market Probe Inc.
The deal was finalised for Rs 3.1 crore. MPA will be operated as a wholly-owned subsidiary of MRSS. The rationale behind the strategic acquisition is to synergise with MPA’s captive client base, specialised capability and increase its geographical reach.
The MPA acquisition acts as a gateway to Asia, specifically in high growth markets like Indonesia, Thailand and Vietnam. With this acquisition, MRSS plans to expand its customer experience management practice and thereby look to engage with more airports around the world (apart from Changi and Delhi airport). MPA also gives an opportunity to bid for government contracts in Singapore worth Rs 47.44 crore every financial year.
MRSS plans to leverage its existing innovative technology backed market research solutions to enhance MPA’s product offering with its existing client base as well as target new clients and markets.
Majestic Research Services & Solutions Ltd is currently trading at Rs 431, up by Rs 11 or 2.62% from its previous closing of Rs 420 on the BSE.
The scrip opened at Rs 410 and has touched a high and low of Rs 433.5 and Rs 410 respectively. So far 3600(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 209.92 crore.
The BSE group 'M' stock of face value Rs 10 has touched a 52 week high of Rs 506 on 24-Jul-2017 and a 52 week low of Rs 93 on 14-Oct-2016. Last one week high and low of the scrip stood at Rs 438.2 and Rs 385.3 respectively.
The promoters holding in the company stood at 60.06 % while Institutions and Non-Institutions held 0 % and 39.94 % respectively.
The stock is currently trading above its 50 DMA.