BLS International stock rises 10% after firm acquires Zero Mass for Rs 120 cr

Shares of BLS International climbed over 10 per cent today after the company acquired Zero Mass Private Ltd (ZMPL) for Rs 120 crore. The stock has gained after two days of consecutive falls. The small-cap stock touched an intraday high of Rs 195.4, rising 10.33 per cent on BSE.

BLS International stock is trading higher than 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The share has zoomed 197 per cent in a year and gained 101.26 per cent since the beginning of this year.

Total 1.31 lakh shares of the firm changed hands amounting to a turnover of Rs 2.48 crore on BSE.

The market cap of the firm rose to Rs 3,929.98 crore on BSE.

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The stock hit a 52-week high of Rs 207 on May 23, 2022, and a 52-week low of Rs 61.03 on June 14, 2021.

"BLS International announced that it has acquired Mumbai headquartered, largest business correspondent in the country - Zero Mass Private Ltd (ZMPL). With this all-cash acquisition from company internal accruals, BLS international becomes the largest business correspondent network in India. ZMPL has been operating the largest BC network for State Bank of India (SBI) with around 11,500 active CSPs (15% of all the SBI BCs). The company has pan-India presence with CSPs located across all States and Union Territories of India. Apart from SBI, ZMPL has contracts with Utkal Grameen Bank and Karur Vysya Bank. Incorporated in 2007, ZMPL accounts for 5 per cent to 6 per cent of the bank accounts, deposit base, and the aggregate value of transactions of the BC system in India. The proposed transaction is carried out through BLS E-Services Private Limited, 100 per cent subsidiary of BLS International. Through this acquisition, BLS International intends to expand and consolidate its BC Business," the company said in a communication to bourses.

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 Middle East. Its tech-enabled citizen services include citizen and front-end services, consular services, verification and attestation, and biometric and identity management services.