That stock of Rakesh Jhunjhunwala hit a 12-year high. approaching record highs

Firstsource Solutions shares rose 11 percent, hitting a ten-year high of 88.70 rupees in BSE on Thursday, up 24 percent in the past three days after PatientMatters, a Healthcare Revenue Cycle Management). The stock was trading at its highest level since January 2008. It is also 5 percent off its all-time level of 93 rupees on May 15, 2007.

At 12:56 p.m. due to the high volume, the stock was trading 10 percent higher at 87.55 rupees on the BSE. In comparison, the S&P BSE Sensex rose 0.61 percent to 46,725 points. Over-the-counter trading more than quadrupled as nearly 14 million shares had changed hands between NSE and BSE by the time this report was written.

Ace investor Rakesh Jhunjhunwala held 20 million shares or 2.88 percent of the shares in Firstsource Solutions as of September 30, 2020, according to the data on the participation pattern.

Firstsource Solutions, a company of the RP-Sanjiv Goenka Group, is a global provider of BPM (Business Process Management) services. In the meantime, PatientMatters combines different registration, invoice estimation and financial services with intelligent workflows and authorization services, thereby improving the revenue recognition for hospitals.

“The acquisition complements Firstsource’s provider business in two dimensions: strengthening its presence in major markets such as Texas and New York and adding new features to pre-authorize and estimate patient bills at the beginning of the RCM cycle,” the company said in a press release .

This strategic acquisition expands our strong patient-centric revenue management capabilities and creates adjacent growth areas for us, “said Dr. Sanjiv Goenka, Chairman of Firstsource Solutions and RP-Sanjiv Goenka Group.

On December 9th, Firstsource Solutions and Celonis, the world’s leading provider of Execution Management Systems (EMS), announced a strategic partnership that will enable companies to quickly identify and eliminate process restrictions, increase agility and optimize results .

The analysts at Dolat Captial have a buy rating for Firstsource Solutions with a price target of Rs 100 per share. “The strong improvement in forecast (growth leader in IT and ITeS names in fiscal 21), robust customer additions, improved profitability, expanded bandwidth and market opportunities, reduced customer concentration, generous payouts and compelling ratings are a strong argument for a re-rating of the stock. “announced the brokerage firm in a earnings update in September.

Robust growth performance and healthy customer wins (15 customer wins in the second quarter, 10 in the first quarter) resulted in an improvement in the revenue forecast for fiscal year 21 to 9 to 12 percent (from 6 percent to 10 percent growth in terms of CC). The OPM outlook remained intact at 11.0-11.5 percent as the company anticipates further need for investment in new industries / skills and higher costs for talent (in mortgages).

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