4 hours ago
HomeMarket NewsBLS shares jump 13% after bagging MEA contract for three years
The contract has been awarded to BLS just two days after it was barred by the MEA for a two-year period from participating in any new Indian Mission Tenders.
Shares of BLS ltd. surged as much as 13% on Thursday, October 16, after the company announced that it has bagged a three-year contract from the Ministry of External Affairs.
The company, in its exchange filing said that it has been awarded the contract to establish and operate Indian Visa Application Centers (IVACs) in China for a three-year period.
BLS will be responsible for establishing and managing IVACs in Beijing, Shanghai and Guangzhou, offering streamlined, secure and customer-friendly visa services.
"We believe this is a significant milestone for BLS international and these IVACs will play a vital role in facilitating reliable and user-centric visa services," the company said in its exchange filing.
Financial terms of the said contract have not been disclosed.
The contract has been awarded to BLS just two days after it was barred by the MEA for a two-year period from participating in any new Indian Mission Tenders.
The company said that Indian Missions contributed to nearly 12% of the consolidated revenue and 8% of its EBITDA during the June quarter and that it does not see any impact on ongoing operations.
Shares of BLS are trading 12.4% higher at ₹313.15. The stock has been an underperformer this year, having declined 35% so far.
