Shares of Firstsource Solutions soar high on Rakesh Jhunjhunwala news

On Friday, the shares of the BPO company, Firstsource Solutions jumped by more than 10 per cent on intraday basis after the company reported that during the quarter of April to June 2020, ace stock picker Rakesh Jhunjhunwala increased stake in the company to 2.88 per cent.

Earlier, Rakesh Jhunjhunwala held 2.06 per cent stake in Firstsource Solutions. However, the shareholding data for the recent quarter as released by the company showed that the eminent investor bought an additional 57 lakh shares in the company thus, making the total number of shares held to 2 crore.

Additionally, the filing to BSE also shows that mutual fund houses have increased their holding stake in the company from 7.46 per cent to 7.78 per cent. HDFC Small-Cap Fund raised the stake to 5,39,88,491 shares during the recently ended June quarter as compared to 5,11,01,287 shares during the previous quarter of FY20. Whereas for the same period of time, ICICI Bank raises its holding stake to 3,32,77,440 shares from 3,28,78,036 shares.

For FY20, the company posted net sales of Rs 4,050.19 crore, which is an increase of 6.96 per cent as compared to the net sales of Rs 3,786.71 crore posted for FY19. Firstsource Solutions gained a net profit of Rs 339.68 crore for FY20.

During Q1FY21, the stock of the company gained by nearly 28.19 per cent and since the beginning of July 2020 till now, investors have been benefitted with a gain of around 20 per cent.

On Friday, the stock of the company touched an intraday high of Rs 44.50 per share, which is by 10.15 per cent more than its previous close. Later, it closed at Rs 43.15, up by 6.81 per cent or Rs 2.75 per share. Its 52-week high is Rs 55.30 and the 52-week low is Rs 20.65 on BSE.