Firstsource Solutions gains after subsidiary repays debt

Firstsource Solutions rose 3.07% to Rs 40.25 at 12:28 IST on BSE after the company said its subsidiary made repayment of debt.

The announcement was made during trading hours today, 30 September 2016.

Meanwhile, the BSE Sensex was down 80.64 points, or 0.29%, to 27,746.89.

On BSE, so far 2.35 lakh shares were traded in the counter, compared with average daily volume of 6.70 lakh shares in the past one quarter. The stock hit a high of Rs 41 and a low of Rs 39 so far during the day. The stock hit a 52-week high of Rs 53.65 on 26 July 2016. The stock hit a 52-week low of Rs 26.30 on 1 October 2015. The stock had underperformed the market over the past 30 days till 29 September 2016, falling 10.84% compared with 2.20% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 16.29% as against Sensex's 2.51% rise.

The small-cap company has equity capital of Rs 675.65 crore. Face value per share is Rs 10.

Firstsource Solutions said that Firstsource Group USA, Inc, a wholly-owned subsidiary of the company, has successfully made its sixth quarterly repayment of $11.25 million on its outstanding debt on 30 September 2016.

With this, the company's subsidiary repaid $67.50 million of debt so far since 30 June 2015.

On 27 May 2015, the company announced that it was successful in refinancing the long term and short term loans of its subsidiaries on better commercial terms maintaining the same repayment schedule for the balance principal outstanding on the long term loans.

On a consolidated basis, Firstsource Solutions' net profit fell 3.73% to Rs 73.36 crore on 2.67% increase in net sales to Rs 875.25 crore in Q1 June 2016 over Q4 March 2016.

Firstsource Solutions is a global provider of customised BPM (Business Process Management). It operates in India, the Philippines, Sri Lanka, the UK and the US.

Powered by Capital Market - Live News