BLS International zooms 18% on FII buying

GMO Emerging bought 1.05 million shares of the company at Rs 177 per share.

BLS International Services has rallied 18% to Rs 208 on BSE after the foreign institutional investor (FIIs) bought one percent point stake in the company through open market.

GMO Emerging Domestic Opportunities Fund had purchased 1.05 million equity shares or 1.02% stake in BLS International Services on Tuesday, August 22, at Rs 176.99 per share, the BSE bulk deal data shows.

Foreign portfolio investors held 5,454 shares or 0.01% stake in the company at the end of June 2017 quarter.

Ayush Gupta (631,000 shares) and Ajay Gupta (630,000) had collectively sold 1.26 million shares of the company at an average price of Rs 177 per share.

Earlier, on August 8, 2017, GMO Emerging Domestic Opportunities Fund had acquired 640,731 shares at Rs 177.25 per share. CLICK HERE FOR BULK DEALS DATA

BLS International is partners with twenty nine client Governments in the provision of outsourced visa and passport, front end and citizen, consular and passport, verification and attestation and E-Visa services. It manages administrative and non-judgmental tasks related to these services for diplomatic missions, enabling them to focus on key aspects of assessment of visa applications.

The company had posted an over four-fold jump in its reported net profit at Rs 29 crore for Q1FY18, as compared to 7.25 crore in corresponding quarter of last fiscal. Total income grew 57% to Rs 195 crore on year on year basis.

It’s EBITDA ((earnings before interest, taxation, depreciation and amortisation) improved from 6.15% in Q1FY17 to 22.18% in Q1FY18.

At 01:06 pm; the stock was up 16% at Rs 206 on BSE, as compared to 0.46% rise in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 3.41 million shares changed hands on the BSE and NSE so far.