Multibagger stock rises after contract extension with Spanish Government

Shares of BLS International Services have been on the radar of investors for a long time, ever since the fears of Covid-19 pandemic eased among the masses and people eyed for international travel after the 'unlock theme' played out following a strict lockdown for several months. The stock has delivered multibagger returns to the investors amid the reduced debt which has made it almost debt free and revenge spending by the people who are boosting the consumption theme, making it a proxy play for India's international travel. The Ministry of Foreign Affairs, European Union, and Cooperation (MAEUEC) of Spain has awarded BLS International the global contract for visa application outsourcing for the second time in a row, the company said in a release on Monday. The company handles more than 20 lakh visa applications for Spain annually. The contract covers Europe, the Americas, Latin America, the CIS, Africa, the Middle East, and APAC, amongst other regions. BLS International has been serving the Spanish government since 2016 and currently operates 122 visa application centers (VACs) in 40 countries, it added. Shares of BLS International jumped 2 per cent on Tuesday to Rs 178.70 as the company commanded a market capitalization of over Rs 7,250 crore. The stock is up 115 per cent from its 52-week lows at Rs 83.38 on June 26, 2022. The stock has zoomed a whopping 2,280 per cent in the last three years from its price around Rs 7.5 in May 2020. BLS International Services, a part of the four-decades-old BLS Group with a global presence and diversified range of services, counts amongst the top three global players in visa application outsourcing, with its presence in visa, passport, consular, citizen services with 62 countries and 36 government clients and provides services worldwide.

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