Shares of BLS International Services rose sharply on Wednesday amid heavy volumes, halting their losing run of six straight sessions. The stock jumped 17.03 per cent to hit an intraday high of Rs 193.75 over its previous close of Rs 165.55. It eventually settled 10.90 per cent higher at Rs 183.60. Around 6.47 lakh shares changed hands today on BSE, which was more than 10 times higher than BLS International's two-week average volume of 64,000 shares.
At today's high level of Rs 193.75, the stock traded 7.36 per cent lower than its 52-week high of Rs 209.15, hit on December 14 last year. That said, BLS International's scrip zoomed 292.76 per cent from its one-year low of Rs 49.33, a level touched on January 25, 2022.
Support on the counter could be seen at Rs 180, an analyst said, while another one felt that BLS International witnessed value buying today.
Ravi Singh, Vice-President and Head of Research at Share India, said, "BLS International has more than doubled its profit on the back of a spike in revenues. According to the company's annual report, there is a large market available to be captured as a majority of the governments are yet to outsource visa services which may further strengthen the profitability in coming quarters. The stock price after touching lower levels has witnessed value buying from the long-term perspective. It may touch Rs 205 level in the near term."
Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi, said, "On the daily chart after consolidating in the range of Rs 162-180, BLS International has given a breakout and it has also moved above 50-DMA which is around Rs 180 level. So one can buy this stock for now, keeping a stop loss placed at Rs 170 for a target price of Rs 220-225."
"BLS International stock price has turned very bullish today and a daily close above Rs 190 could lead to targets of Rs 202-209 in the coming days. Support will be at Rs 180," said AR Ramachandran from Tips2trades.
BLS International's turnover stood at Rs 11.92 crore, commanding a market capitalisation (m-cap) of Rs 7,542.66 crore. There were 72,339 sell orders on BSE, against 19,754 buy orders. On NSE, 76.05 lakh shares were traded for a value of Rs 139.13 crore.
The stock was last seen trading higher than 5-day, 20-, 50-, 100- and 200-day moving averages. BLS International has a one-year beta of 1.37, suggesting high volatility on the counter.
The counter's 14-day relative strength index (RSI) came at 61.63. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 190.95.
BLS International Services is an India-based company, which offers tech-enabled, visa, consular and citizen services. The company provides visa processing and tech-enabled citizen services to states and provincial governments of Asia, Africa, Europe, South America, North America, and the Middle East.
Its tech-enabled citizen services include citizen and front-end services, consular services, verification and attestation, and biometric and identity management services.
Meanwhile, Indian equity benchmarks extended their gains and rose sharply, led by gains in banks, financials, metals and technology stocks.
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