BLS International soars after Shankar Sharma buys stake

BLS International Services spurted 8.21% to Rs 313.85 after ace investor Shankar Sharma bought 0.56% stake in the company via bulk deal on Friday, 14 October 2022.

As per the bulk deal data on the NSE, the market veteran bought 11.50 lakh shares, or 0.56% equity, of BLS International Services at an average price of Rs 275 per share.

As of the June quarter, Shankar Sharma did not hold any stake in the concern.

The stock had outperformed the market over the past one month, rising 10.50% compared with 1.77% decline in the Sensex.

The scrip outperformed the market in past one quarter, gaining rising 37.24% compared with 7.51% increase in the Sensex.

The scrip had also outperformed the market in past one year, climbing rising 159.36% compared with 5.72% decline in the Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 68. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 260.56, 234.40 and 182.73, respectively.

BLS International Services is a global tech-enabled services partner for governments and citizens, in the domain of visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa and retail services.

The company's consolidated net profit jumped 49.88% to Rs 30.47 crore and net sales rose 52.81% to Rs 272.82 crore in Q1 June 2022 over Q1 June 2021.

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