BLS International Services shares up for second straight session, gain 8%; here’s why
BLS International Services jumped 8.15% in early trade on Monday, reaching 270.50 apiece. In the current year so far, the shares have rallied 63.27%.
Shares of BLS International Services extended their gain for the second consecutive session on Monday with an 8.15% increase, reaching ₹270.50 per share. This significant uptick in shares came after the company won another Schengen global visa outsourcing contract for Slovakia.
At 11:45 AM, the stock was trading with a gain of 6.35% at ₹266.
In an exchange filing on Monday (October 16), the company said it has signed an exclusive global visa outsourcing contract for Slovakia in 18 countries with more than 54 offices. Slovakia witnessed 2.64 million tourists in 2021, and this number is anticipated to rise in accordance with evolving travel trends, as indicated by the company.
"BLS International's extensive experience in providing exceptional visa services has earned them the privilege of working with Schengen member countries. With this new contract, BLS International will be entrusted with the responsibility of not only offering tourist visa services and business visa services but also national visa services, all with the aim of facilitating seamless travel and immigration procedures," the company said in a regulatory filing.
BLS International Services has a market cap of ₹11,034 crore. The company is a global tech-enabled services provider with a strong track record of offering government-related services such as visa, passport, consular, e-governance, attestation, biometric, e-visa, and retail services since 2005.
The company works with over 46 client governments, including diplomatic missions, embassies, and consulates. It now has an extensive network of more than 50,000 centers globally, as per the company website.
The company's shares have performed impressively in CY23, with returns of 63.27%. This extends the strong performance that began in CY20 when shares gained 27.66%. This trend continued in CY21 and CY22, with returns of 124% and 246%, respectively. At current levels, the shares are trading 12% away from the all-time high of ₹302 apiece.
Earlier in June, the board of directors of BLS E-Services Limited, a subsidiary of BLS International Services Limited, approved fundraising through an initial public offering (IPO) of its equity shares. However, the company did not disclose the size, nature, or other details of its subsidiary's primary stake sale.
In mid-July, BLS E-Services announced the successful integration of UMANG (Unified Mobile Application for New-age Governance) Services into its digital platform, offering convenient access to over 500 e-governance services.
UMANG is a digital platform launched by the Government of India. It offers a convenient and secure way for citizens to access a wide range of government services and information.
In a regulatory filing made in July, the company said that the BLS E-Services platform will provide a channel for citizens across India and overseas where they can avail of major state and central e-governance services in multiple regional languages.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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