MARKETS

BLS International Shares Fall 7% After 3.4% Stake Changes Hands

Shares of BLS International fell 6% after changing hands in a block trade of 1.4 crore shares.

Shares of BLS International tumbled about 7% in early trading on May 18 after about 1.41 crore shares changed hands, representing a 3.4% stake in the company.

The block deal was priced at an average price of Rs 177 per share, bringing the transaction value to Rs 253.3 crore.

The deal also boosted over-the-counter volumes, as 2 crore shares changed hands in the morning, compared with a month-long daily average of 36 lakh shares.

BLS International Services is a visa services provider and the only publicly traded company in this field. The company reported a strong set of quarterly earnings on May 11.

In the fourth quarter, the company’s operating income hit a record high at Rs 448.6 crore, up 76.7% year-on-year. Net profit for the period also rose 118% year-on-year to Rs 76.7 crore.

In addition to strong revenue and profits, EBITDA margins also expanded 103 basis points YoY to 14.83% in January-March.

The stock has also performed well recently, returning 2,509.01% over the past three years.

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