TeamLease Services hits record high; stock surges 50% in two months

The stock hit a record high of Rs 3,042, up 12% on the BSE, surpassed its previous high of Rs 2,948 touched on April 25, 2018 in intra-day trade.

Shares of TeamLease Services hit a record high of Rs 3,042 per share, up 12% on the BSE in otherwise subdued market. The stock surpassed its previous high of Rs 2,948 touched on April 25, 2018 in intra-day trade.

In past two months, the stock rallied 50% from Rs 2,033 after the Reserve Bank of India (RBI) raised the investment limit for foreign portfolio investors (FPIs) in the company to 75%. On comparison, the S&P Sensex was up 3.35% during the same period.

According to March 2018 shareholding pattern data filed by TeamLease Services reveals that, FPIs increased their stake in the company by 6.67 percentage points to 32.46% from 24.64% at the end of December 2017 quarter. However, mutual funds holding in the company declined from 14.7% to 5.81% during the quarter.

TeamLease Services is one of India's leading providers of human resource services in the organized segment delivering a broad range of human resource services to various industries.

At 01:47 pm; the stock was trading 6% higher at Rs 2,865, as compared to 0.04% decline in the S&P BSE Sensex. A combined 84,766 shares changed hands on the counter on the NSE and BSE.