Share of Firstsource Solutions rose to an all-time high today after the share climbed nearly 20% on BSE. Firstsource Solutions share rose to an intraday high of Rs 110.25, climbing 19.97% over previous closing price of Rs 91.90. Firstsource Solutions forms part of Big Bull Rakesh Jhunjhunwala's portfolio. Jhunjhunwala held 2.88 per cent stake, or 2 crore shares, in Firstsource Solutions as on September 30, 2020, as per the shareholding pattern data available on the BSE.
Jhunjhunwala held 2.88% or 2 crore shares of the firm for the quarter ended June. He raised his stake in the June quarter after the stock fell due to coronavirus pandemic. Jhunjhunwala held 1.43 crore shares or 2.06% stake in the March quarter. Jhunjhunwala first bought 2.5 crore shares representing 3.8% stake in the company in July 2013.
Firstsource Solutions share hit its 52-week low on March 24 as Indian market was roiled by the impact of rising coronavirus cases on the global economy. Since then, Firstsource Solutions share has risen 433.89% from 52 week low of Rs 20.65 to Rs 110.25 in today's trade.
Meanwhile, the stock has gained 52.41% in the last 4 days. Firstsource Solutions share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 166% since the beginning of this year and risen 170% in one year. In a month, the share has gained 37.36%.
Market cap of the firm rose to Rs 7,352 crore on BSE. Later, the share closed 18.82% higher at Rs 109.20.
The rise in share during last four sessions comes amid the company acquiring US-based PatientMatters, a healthcare Revenue Cycle Management (RCM) solutions provider.
The acquisition complements Firstsource's Provider Business on two dimensions: strengthening presence in large markets like Texas and New York and adding new capabilities of pre-authorisation and patient bill estimation at the front-end of the RCM cycle, the company said.
"This strategic acquisition magnifies our strong patient-centric revenue management capabilities and creates adjacent areas for growth for us," said Sanjiv Goenka, Chairman, Firstsource Solutions and RP-Sanjiv Goenka Group.
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.