Firstsource surges after Jhunjhunwala raises stake

Reuters Market Eye - Shares in Firstsource Solutions (FISO.NS) rise 8.2 percent, heading for a second day of gains after billionaire investor Rakesh Jhujhunwala bought a 3.8 percent stake in the company via a bulk deal on Thursday, according to exchange data.

Rakesh Jhunjhunwala, referred to at times as India's Warren Buffett, bought 25 million shares at a price of 10 rupees a share in business process outsourcing provider Firstsource, as per NSE data.

Meanwhile, Kesoram Industries Ltd gains 7 percent after Rakesh's wife, Rekha Jhunjhunwala, raised her stake in the cement and tyre maker to 6.83 percent from 3.27 percent, according to a separate NSE disclosure.

Rakesh Jhunjhunwala often makes investments on behalf of his wife.

(Reporting by Abhishek Vishnoi)

Published Date: Jul 06, 2013 03:45 AM | Updated Date: Jul 06, 2013 03:45 AM