Buy Firstsource Solutions, target price Rs 112: Yes Securities

Buy Firstsource Solutions, target price Rs 112:  Yes Securities

Yes Securities has buy call on with a target price of Rs 112. The current market price of Firstsource Solutions Ltd. is Rs 103.6.

Firstsource Solutions Ltd., incorporated in the year 2001, is a Mid Cap company (having a market cap of Rs 7118.99 Crore) operating in IT Enabled Services sector.

For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 1366.50 Crore, up 14.85 % from last quarter Total Income of Rs 1189.79 Crore and up 29.56 % from last year same quarter Total Income of Rs 1054.71 Crore. Company reported net profit after tax of Rs 121.05 Crore in latest quarter.

Investment Rationale
The stock is bouncing off the support zone. Appearance of a bullish candle on a comparative volume warrants a positive outlook for the stock. However, sustenance above Rs 100 is essential to continue recent up move till Rs 112 zone.

Promoter/FII Holdings
Promoters held 53.9 per cent stake in the company as of June 30, 2020, while FIIs held 7.6 percent, DIIs 12.7 per cent and public and others 25.8 per cent.

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