Shares of Firstsource Solutions, which is a part of ace investor Rakesh Jhunjhunwala's portfolio, rallied nearly 18 per cent to hit all-time high of Rs 94 on the Bombay Stock Exchange on Thursday. The stock of RP-Sanjiv Goenka Group company has gained 32 per cent this week after it acquired PatientMatters, a healthcare Revenue Cycle Management (RCM) solutions provider. The stock surpassed its previous all-time high of Rs 93, touched on May 15, 2007. Firstsource shares have surged 355 per cent from its 52-week low of Rs 20.65 apiece as on March 24, 2020.
Early today, Firstsource Solutions shares opened marginally higher at Rs 80.2 against the previous closing price of Rs 79.85 on the Bombay Stock Exchange. During the day's trade, the stock touched an all-time high of Rs 94 on the back of strong volume. Extending gains for the fourth straight session, the stock ended at Rs 91.90, up 15.09 per cent on the BSE. The market cap of the company soared to Rs 6,392.05 crore.
On the volume front, there was surge in buying as 20.9 lakh shares changed hands over the counter as compared to two-week average volume of 3.07 lakh shares.
In a similar trend, Firstsource Solutions share price settled at Rs 91.30 apiece, up 14.48 per cent, on the National Stock Exchange against the previous closing price of Rs 79.75. The stock hit record high of Rs 94.20 in intraday trade.
Rakesh 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. The market value of Jhunjhunwala's stake in the company stood at Rs 183.8 crore based on today's closing price.
In an exchange filing on Wednesday, Firstsource Solutions, a global provider of Business Process Management (BPM) services, announced that it has acquired 100 per cent stake in PatientMatters, LLC, a leading revenue cycle management solutions provider with focus on US healthcare providers.
In tandem with the acquisition, Firstsource plans to consolidate its Healthcare Provider brands MedAssist and PatientMatters, under its enterprise umbrella. The move reflects the unified value proposition offered across all Firstsource solutions and services and reinforces the company's brand as a global BPM leader, it said.
For July-September quarter, Firstsource reported 56.3 per cent rise in consolidated net profit to Rs 105.2 crore compared to Rs 67.3 crore in the year-ago period. Revenue from operations rose 21.2 per cent to Rs 1,178.3 crore, from Rs 971.4 crore a year ago.