Stock of this travel support services company has zoomed 75% in 2 weeks

On September 2, BLS Intl had signed a contract with The Republic of Philippines Department of Foreign Affairs to provide ePassport Renewal services initially starting with Italy, Qatar and Malaysia

Shares of BLS International Services hit a 52-week high of Rs 251.50 as they rallied 6 per cent on the BSE in intra-day trade on Thursday, surging 15 per cent in the past two trading days in an otherwise subdued market. In comparison, the S&P BSE Sensex was up 0.06 per cent at 58,285 points at 10:50 am. In the past two weeks, the stock has zoomed 75 per cent as against a 5.3 per cent rise in the benchmark index.

BLS International Services is engaged in the business of providing outsourcing and administrative task of Visa, Passport and Consular services to various Diplomatic Missions across the world. The company also provides services related to attestation and apostille on behalf of the Ministry of External Affairs. The company also provides services to state and provincial governments across Asia, Africa, Europe, South America, North America and the Middle East, where they have scaled services to reach over 66 countries

On September 2, BLS International announced that it has signed a contract with The Republic of Philippines Department of Foreign Affairs to provide ePassport Renewal services initially starting with Italy, Qatar and Malaysia.

BLS will provide ePassport renewal services on behalf of The Republic of Philippines in Italy, Qatar and Malaysia. With this, the Department of Foreign Affairs intends to ease the renewal process for Philippine nationals living overseas. The opening of ePassport Renewal Centers (PaRCs) in these countries will provide facilities to Filipinos to apply for ePassport renewals at a time and place of their convenience, the company said in a press release.

On the outlook, the company in the financial year 2020-21 (FY21) annual report said the global tech-enabled services derive its potential from the low penetration of cutting-edge technologies in services offered by the government, besides relying on semi-automation which increases the probability of errors, time and cost. Moreover, the citizens are increasingly looking towards technology enablers such as mobile phones and digital services to perform monetary and non-monetary transactions, seek information and grievance redressal, it said.

Meanwhile, the medium- and long-term outlook for the tourism industry is encouraging and buoyant, the company said, adding that the optimism is derived from the availability of multiple choices for lodging and transportation aided by thematic curated experience.