Firstsource Solutions up 10% as Rakesh Jhunjhunwala increases stake in Q1

Shares of Firstsource Solutions (FSL) moved higher by 10 per cent to Rs 44.50 in the intra-day trade on the BSE on Friday on the back of heavy volumes after ace investor Rakesh Jhunjhunwala bought an additional nearly 6 million shares of the company in April-June quarter. After reducing stake in the previous three consecutive quarters, Rakesh Jhunjhunwala increased his stake in the company to nearly 3 percentage points.

Rakesh Jhunjhunwala has acquired an additional 5.7 million shares, representing 0.82 per cent stake of FSL, during the recently concluded quarter, according to June quarter shareholding pattern disclosed by the company on the stock exchanges.

Post acquisition, Jhunjhunwala’s stake in the leading provider of customised Business Process Management (BPM) Services Company has increased to 2.88 per cent in June quarter from 2.06 per cent at the end of March quarter.

At the end of June 2019 quarter, Jhunjhunwala held 3.25 per cent stake in FSL, reduced it to 3.1 per cent in September quarter and further to 2.78 per cent in December 2019 quarter, data shows.

The stock price of FSL more than doubled from its multi-year low of Rs 20.65 touched on March 24, 2020 on the BSE. It hit a 52-week high of Rs 55.30 in September 2019 and an all-time high of Rs 93 on May 15, 2007, in intra-day trade.

At 11:13 am, FSL was trading 8 per cent higher at Rs 43.75 on the BSE, as compared to a 0.52 per cent decline in the S&P BSE Sensex at 36,545 points. The trading volumes on the counter jumped an over 7-fold with a combined around 17 million shares changing hands on the NSE and BSE, data shows.