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This stock gained 10% after Rakesh Jhunjhunwala raised stake in Q1

Share price of the ITES fim rose 10.15% to Rs 44.5 against previous close of Rs 40.40 on BSE

Aseem Thapliyal | July 10, 2020 | Updated 14:17 IST
This stock gained 10% after Rakesh Jhunjhunwala raised stake in Q1
Share price of Firstsource Solutions has lost 16.02% in the last one year and risen 6% since the beginning of this year.

Firstsource Solutions share price gained over 10% today after ace investor Rakesh Jhunjhunwala raised his stake in the BPO firm in the June quarter.  Share price of Firstsource Solutions rose 10.15% to Rs 44.5 against previous close of Rs 40.40 on BSE.. The stock hit a 52-week high of Rs 55.30 on September 16, 2019 and 52 week low of Rs 20.65 on March 24, 2020.

Share price of Firstsource Solutions has lost 16.02% in the last one year and risen 6% since the beginning of this year. The small cap share has gained 13.13% in one month. Total 12.81 lakh shares changed hands amounting to turnover of Rs 5.54 crore on BSE. Market cap of the firm stood at Rs 3,022 crore today.

Jhunjhunwala purchased an additional 57 lakh shares in the firm in Q1, taking the total number of shares to 2 crore, against 1.43 crore at the end of March 31, 2020. Jhunjhunwala held 1.43 crore shares or 2.06% stake at the end of March quarter in the information technology-enabled services (ITES) firm.

Apart from the ace investor, mutual funds raised their stake to 5,40,26,995 shares in Q1 against 5,17,59,635 shares in the March quarter of FY20. HDFC Small Cap Fund increased its stake to 5,39,88,491 shares in June quarter from 5,11,01,287 shares in March quarter while ICICI Bank raised its stake to 3,32,77,440 share from 3,28,78,036 shares in the quarter ended March.

This stock held by Jhunjhunwala hits all-time high, zooms 90% in 3 months


In Q4 of last fiscal, the ITES firm reported a marginal fall in net profit to Rs 92 crore against Rs 98 crore net profit in Q4 of 2018-19. However on a quarter-on-quarter basis, net profit rose compared to Rs 90 crore profit in Q3 of last fiscal.
Sales in Q4 climbed to Rs 1,080 crore against Rs 967 crore sales in Q4 of 2018-19. On a Q-o-Q basis too, sales rose from Rs 1,053 crore in Q3. Operating profit margin rose to 15% in Q4 against 14% in corresponding quarter of 2018-19.

This stock held by Jhunjhunwala hits all-time high, eyes Rs 1,100 mark

Firstsource Solutions is a provider of a range of business process management services across the customer life cycle delivered through transaction processing. The company's segments include banking, financial services and insurance and non-banking, financial services and insurance. Its geographic segments include USA and Canada, UK, India and Rest of the world. It is involved in information technology-enabled services, including business process outsourcing.

Rakesh Jhunjhunwala earned Rs 31 crore with this stock in three months

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