BLS International share price hits 52-week high on bagging contract from Indian High Commission in Canada

BLS International share price jumped nearly 7% to touch 52-week high following the announcement that the company secured a contract with the Indian High Commission in Canada. BLS International share price opened at ₹307.40 apiece on BSE. BLS International shares touched intraday high of ₹316.55 and low of ₹305.

BLS International Services stated in its exchange filing that the High Commission of India (HCI) in Canada has once again given it the contract to outsource consular, passport, and visa services.

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This agreement includes the Consulate Generals of India (CGIs) in Toronto and Vancouver as well as HCI in Ottawa.

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Consular assistance, passport processing, and visa facilitation are just a few of the services the company will continue to offer under the terms of the contract. Part of the reason for the company's successful partnership with the High Commission of India has been its ability to use technology to improve the application process and streamline operations.

"At BLS International, we are honoured and delighted to once again be entrusted with the responsibility of delivering Consular, Passport, and Visa services for the High Commission of India in Canada. 

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Our continued collaboration with the High Commission of India is a testament to our dedication to professionalism and our ability to leverage cutting-edge technology to elevate the consular experience. As a global leader in outsourcing services, BLS International remains steadfast in its mission to redefine and set new benchmarks in consular services, reinforcing our position as the preferred partner for the HCI in Canada," said Shikhar Aggarwal, Joint Managing Director of BLS International Services Ltd.

Technical Views

As per trendlyne data, BLS International stock price rose 64.82% and outperformed its sector by 38.96% in the past year.

According to Rajesh Bhosale, Equity Technical and Derivative Analyst, Angel One, BLS International stock has been in strong traction since yesterday, and today it has seen a strong gap-up opening followed by further buying as prices are up around 6%.

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"We are seeing strong volumes in this upmove and expect this upmove to continue in the near term. ₹340 is the next resistance, whereas the gap left is around ₹300 to act as support.

Ruchit Jain, Lead Research Analyst at 5paisa, said that the broader trend for the stock is positive. The price upmove has been supported by good volumes, and hence, the upmove could continue. Investors with existing long positions can ride the trend. The 20 DEMA support for the stock is now placed around ₹280.

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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.