Stocks

Rakesh Jhunjhunwala hikes stake in Firstsource Solutions; stock jumps

Our Bureau Chennai | Updated on July 10, 2020 Published on July 10, 2020

Bernstein Fund makes an exit

Shares of Firstsource Solutions jumped 10 per cent in intraday deal to ₹44.50 on Friday after Rakesh Jhunjhunwala increased his stake in the company to 2.88 per cent during the April-June quarter. The stock finally settled at ₹43.40, up 7.43 per cent, over the previous day's close.

FPIs cut stake

The latest shareholding data released by the company show that, Jhunjhunwala bought 57 lakh shares during April-June period. This increased his holding in the company to 2.88 per cent from 2.06 per cent. Foreign portfolio investors decreased their stake to 7.64 per cent (9 per cent). Among them, Bernstein Fund seemed to have exited Firstsource. It was holding 1.01 per cent stake in the company through International Small Cap Fund at the end of March 2010, but now its name does not appear on the shareholders list.

HDFC MF stands alone

ICICI Bank increased its holding marginally to 4.76 per cent from 4.74 per cent. Only HDFC Small Cap Fund among the mutual funds has a holding in the company.

It increased its stake in the company to 7.78 per cent. Earlier, as on March 4, mutual funds were holding 7.46 per cent, of which HDFC Small Cap Fund alone 7.37 per cent.

Small investors increased their stake from 11.54 per cent to 11.64 per cent. The number of small investors too increased to 1.62 lakh from 1.57 lakh.

High net worth individuals too picked up shares of Firstsource, as their holding increased to 7.78 per cent from 7.16 per cent.

For FY20, the company had posted a profit of ₹182.02 crore on revenues of ₹939.91 crore.

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Published on July 10, 2020
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