BLS International Surges 7 Percent to Reach 52-Week High on Securing Indian High Commission Contract in Canada

BLS International Surges 7 Percent to Reach 52-Week High on Securing Indian High Commission Contract in Canada

VoM News Desk | December 12, 2023 | 12:39 PM IST | Breaking News | Follow on Google News

BLS International Surges 7 Percent to Reach 52-Week High on Securing Indian High Commission Contract in Canada Image/PTI

BLS International Surges 7 Percent to Reach 52-Week High on Securing Indian High Commission Contract in Canada

BLS International witnessed an impressive surge of nearly 7%, reaching a 52-week high, driven by the announcement of securing a contract with the Indian High Commission (HCI) in Canada.

The company’s share price opened at ₹307.40 on BSE, touching an intraday high of ₹316.55 and a low of ₹305.

The exchange filing from BLS International Services revealed that they have once again been awarded the contract by the HCI in Canada to manage consular, passport, and visa services.

This agreement spans the Consulate Generals of India (CGIs) in Toronto and Vancouver, along with the HCI in Ottawa.

Under this contract, the company will continue to provide services such as consular assistance, passport processing, and visa facilitation.

BLS International has emphasized its commitment to utilizing technology to enhance the application process and streamline operations, a significant factor contributing to its successful collaboration with the Indian High Commission.

Expressing enthusiasm, Shikhar Aggarwal, Joint Managing Director of BLS International Services Ltd., highlighted their dedication to professionalism and technological advancements in delivering consular services.

He reiterated the company’s goal of setting new standards in consular services and strengthening its position as the preferred partner for HCI in Canada.

From a technical perspective, the stock’s performance has been robust, rising by 64.82% in the past year, surpassing sectoral growth by 38.96%.

Analysts Rajesh Bhosale from Angel One and Ruchit Jain from 5paisa noted the stock’s positive trend, with strong volumes backing the current upsurge. They expect the upward momentum to continue, anticipating resistance at ₹340 and support around ₹300.

Investors holding long positions have been advised to ride the positive trend, considering the strong support for the stock at the 20-day Exponential Moving Average (DEMA) around ₹280.

This contract win with the HCI in Canada has boosted investor confidence in BLS International, triggering a surge in the stock price, highlighting the company’s growth potential and strategic significance in managing consular services effectively.

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VoM News Desk

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