BLS International Services Soars 8.15% on Schengen Visa Outsourcing Contract Win

BLS International Services Soars 8.15% on Schengen Visa Outsourcing Contract Win

VoM News Desk | October 16, 2023 | 02:10 PM IST | Breaking News | Follow on Google News

BLS International Services Soars 8.15% on Schengen Visa Outsourcing Contract Win

BLS International Services Soars 8.15% on Schengen Visa Outsourcing Contract Win

BLS International Services witnessed a substantial 8.15% surge in its shares, reaching ₹270.50 per share, extending its gains for the second consecutive session. This remarkable increase was a direct result of the company securing a new Schengen global visa outsourcing contract for Slovakia.

At 11:45 AM, the stock continued to trade strongly, with a 6.35% increase, settling at ₹266.

Exclusive Global Visa Outsourcing Contract for Slovakia

In an exchange filing on Monday, BLS International Services announced the signing of an exclusive global visa outsourcing contract for Slovakia. This contract covers 18 countries and involves more than 54 offices. Slovakia, with 2.64 million tourists in 2021, is expected to witness a surge in tourist numbers in line with evolving travel trends. The company’s expertise in providing exceptional visa services has earned it the privilege of working with Schengen member countries. Under this new contract, BLS International will be responsible for offering not just tourist and business visa services but also national visa services, all aimed at streamlining travel and immigration procedures.

A Leading Tech-Enabled Services Provider

BLS International Services, with a market capitalization of ₹11,034 crore, is a global tech-enabled services provider with a strong track record of offering government-related services. These services encompass visa processing, passport services, consular services, e-governance, attestation, biometric services, e-visa solutions, and retail services, a legacy that dates back to 2005. The company collaborates with over 46 client governments, including diplomatic missions, embassies, and consulates, and boasts a vast network of more than 50,000 centers worldwide.

Impressive Stock Performance

BLS International Services’ shares have demonstrated a remarkable performance in CY23, generating returns of 63.27%. This performance builds upon the strong upward trend initiated in CY20 when shares gained 27.66%. The company continued its growth trajectory in CY21 and CY22, achieving returns of 124% and 246%, respectively. Presently, the shares are trading just 12% away from their all-time high of ₹302 each.

Upcoming Initiatives and Integration

In a significant move 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. The company is yet to disclose the size, nature, or other details of this subsidiary’s primary stake sale. Moreover, in mid-July, BLS E-Services successfully integrated UMANG (Unified Mobile Application for New-age Governance) Services into its digital platform, providing citizens access to over 500 e-governance services. UMANG, a digital platform launched by the Government of India, offers a secure and convenient way for citizens to access a wide range of government services and information.

Disclaimer: Investors are advised to seek guidance from certified experts before making any investment decisions.

VoM News Desk

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