Firstsource Solutions share rises 6% after firm buys US-based PatientMatters

Shares of Firstsource Solutions gained over 6% in early trade today after the company said it has acquired US-based PatientMatters, a healthcare Revenue Cycle Management (RCM) solutions provider. Firstsource Solutions share rose to an intraday high of Rs 80.5, climbing 6.55% over closing price.

The stock has gained 11.03% in the last 2 days. Firstsource Solutions share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 93.79% since the beginning of this year and  risen 94.02% in one year. In a month, the share has gained 4.3%.

Market cap of the firm rose to Rs 5,529 crore on BSE. It hit a 52-week high of Rs 81.75, on December 17, 2020.

Later, the share closed 5.69% higher at Rs 79.85.  

On Tuesday, the stock had recovered 19 per cent from its intra-day low of Rs 66.50 on the BSE.

The acquisition complements Firstsource's Provider Business on two dimensions: strengthening presence in large markets like Texas and New York and adding new capabilities of pre-authorisation and patient bill estimation at the front-end of the RCM cycle, the company said.

"This strategic acquisition magnifies our strong patient-centric revenue management capabilities and creates adjacent areas for growth for us," said Sanjiv Goenka, Chairman, Firstsource Solutions and RP-Sanjiv Goenka Group.

Meanwhile, market indices closed on a bullish note for the second straight session on Wednesday after registering a 3% fall on Monday, taking cues from positive global equities.

While Sensex closed 437 points higher at 46,444, Nifty gained 134 points to 13,601.

Share Market Highlights: Sensex ends 437 points higher, Nifty at 13,601; M&M, SBI, Infosys, ITC top gainers