BLS International Services Ltd shares rose 8% on October 16 after the company said it has won a contract to set up and operate Indian visa application centres in China. The contract was awarded by the Ministry of External Affairs and will be valid from October 14 for a period of three years, the company said in a filing to bourses. The company will be responsible for establishing and managing these centres in Beijing, Shanghai, and Guangzhou, according to the filing.
At 12:15 pm on October 16, BLS International shares on BSE were trading 7% higher at Rs 298 apiece.
Earlier this week, the company's shares tumbled around 18% in early trade on October 13, hitting a fresh 52-week low. This, after Ministry of External Affairs (MEA) banned the company from participating in future tenders of the ministry and India Mission abroad for two years.
In an exchange filing released in the post market hours of October 11 (Saturday), BLS International Services informed investors about the latest order by MEA. It however informed that the order will not affect the existing contracts, which will continue as per terms. "All existing contracts with Indian Missions across the globe remain valid and continue to operate as scheduled. Additionally, the order will not have any significant bearing on the company's financial outlook," the company said.
The order has been issued on the account of allegations including court cases and complaints of applicants. This debarment shall not affect the financial performance of existing operations of the company, and it is evaluating the appropriate legal action against it, BLS International further said.
Notably, during the first quarter of the FY26 (April-June), Indian Missions contributed to approximately 12% to the consolidated revenue and nearly 8% of the firm's EBITDA.
BLS competes with visa processing firm VFS Global and TeamLease Services and Quess Corp in the broader digital services space.
The immigration consulting services market in India is expected to grow at a compound annual growth rate of 7% to 10% from 2025 to 2029 as demand for international education and residency remains high, according to research group Technavio.
Indian Missions made up 12% of BLS International’s consolidated revenue in the first quarter of fiscal year 2026.
BLS said that its existing contracts with Indian Missions will continue to operate and the order does not impact its financials and operations.
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