Rakesh Jhunjhunwala effect: Firstsource among top market gainers as big bull raises stake

The shares of Firstsource Solutions gained over 5 per cent in the intra-day trading today after reports of billionaire investor Rakesh Jhunjhunwala increasing his stake in the company from 2.89 per cent to 3.26 per cent. As per a report by The Economic Times, the billionaire investor had increased his stake in Firstsource Solutions during the March quarter as the stock of the company was available cheaper. The price of Firstsource stock has undergone 50 per cent correction between September 2018 and February 2019, the report said. According to Business Standard, Jhujhunwala has purchased 2.5 million shared of the Firstsource - a business process outsourcing services provider. 

At 14.50 hrs Tuesday, Firstsource Solutions was selling 5.56% up at 51.25.

The official website of the company says Firstsource is one of the leading providers of customised Business Process Management (BPM) services in India, dealing in Healthcare, Telecommunications & Media and Banking, Financial Services & Insurance verticals. 

The BSE Sensex opened today at 38,730.93, which is slightly higher from its previous close of 38,700.53. In the first hour of trade, the Sensex was down 28.32 points or 0.07 per cent at 38,672.21. Nifty was trading at 17.85 points lower at 0.15 per cent. It had opened marginally higher at 11,612.05 from the Monday close of 11,604.50. 

More volatility is expected in the market this week as companies prepare to release their Q4 results. 

Rakesh Jhunjhunwala is considered by many as the Warren Buffet of India. His investment decisions are closely followed by aspiring investors as well as experts. 

Top gainers at BSE on Tuesday; Firstsource (FSL) at third - Source: BSE

At 14.52 hrs today, the BSE was trading 150.29 points up at 38,850.82 while the Nifty was up by 0.31% at 11,683. The top gainers in the intra-day trade today included Firstsource, Asahi India Glass, ITI Ltd, Linde India Limited and Indiabulls Real Estate Ltd. Among the top losers were Reliance Communications, Lakshmi Vilas Bank, Asian Paint etc.