Hinduja Global stock jumps over 5% as Legends Global Opportunities buys 1.5% stake

Legends Global Opportunities (Singapore) Pte buys 1.5 percent stake in Hinduja Global Solutions

Shares of Hinduja Global Solutions climbed more than 5 percent to Rs 954 apiece on August 26, following a notable transaction by Legends Global Opportunities (Singapore) Pte. This entity purchased 7.11 lakh shares, equivalent to a 1.53 percent stake in the company, at Rs 885 per share. Conversely, New Leaina Investments sold 3.64 lakh shares, representing a 0.78 percent stake, at  Rs 904 per share.

Despite the recent uptick, Hinduja Global Solutions' stock has seen a decline of over 7 percent over the past 1 month, significantly lagging behind the benchmark Nifty 50's modest 0.5 percent gain during the same period.

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For the quarter ending in June, Hinduja Global Solutions reported a substantial increase in its consolidated profit at  Rs 161.5 crore. This surge was primarily attributed to the proceeds from the sale of its healthcare business.

However, revenue from operations experienced a decline of 3.6 percent year-over-year, totaling Rs 1,091 crore. Additionally, the company’s earnings before interest, tax, depreciation, and amortization (EBITDA) fell sharply by 78.2 percent year-over-year, coming in at Rs 16.7 crore compared to Rs 76.8 crore in the previous year.

ALSO READ: Hinduja Global Consolidated June 2024 Net Sales at Rs 1,091.92 crore, down 3.67% Y-o-Y

Shareholding data for the June quarter revealed that promoters slightly increased their stake from 67.71 percent to 67.99 percent. Foreign institutional investors also marginally raised their stake to 12.5 percent from 12.49 percent.

Hinduja Global Solutions, a key player in the multi-billion-dollar Hinduja Group, operates across nine countries. The company offers a range of services, including customer experience optimization, digital transformation, business process management (BPM), and digital media ecosystem solutions, serving over a thousand brands with its BPM, technology, and human resource outsourcing (HRO) services.

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