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      Majesco gains after speciality insurer renews contract

      MoM Team / Mumbai, Apr 11, 2017 09:40 AM IST

        Majesco gains after speciality insurer renews contract

        Majesco jumped 1.4 percent to Rs 399 on BSE after the company said that a two tier speciality insurer renewed application management services agreement for three years.

        The announcement was made after market hours yesterday, 10 April 2017.

        Meanwhile, the S&P BSE Sensex was up 60.72 points, or 0.21 percent to 29,636.46.

        On the BSE, 18,000 shares were traded in the counter so far, compared with average daily volumes of 24,172 shares in the past one quarter. The stock had hit a high of Rs 405.95 and a low of Rs 397.10 so far during the day.

        The stock hit a 52-week high of Rs 650 on 21 April 2016. The stock hit a 52-week low of Rs 330.15 on 31 March 2017.

        The stock had outperformed the market over the past one month till 10 April 2017, rising 10.95 percent compared with 2.17 percent rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 2.10 percent as against Sensex's 9.95 percent rise.

        The small-cap company has equity capital of Rs 11.68 crore. Face value per share is Rs 5.

        Majesco announced that a tier two specialty insurer renewed its application management services agreement with Majesco for three years to support a number of key operational systems. The insurer is focused on specialty related insurance in the US.

        The agreement will provide the insurer end to end support of some of their key operational systems for three years. The application management services are part of Majesco's ADM services. The insurer has been a long-term strategic client of Majesco.

        Majesco's consolidated net profit fell 2.68 percent to Rs 5.07 crore on 2.3 percent decline in net sales to Rs 202.26 crore in Q3 December 2016 over Q2 September 2016.

        Majesco enables insurance business transformation for insurance customers worldwide by providing solutions which include software, consulting and services.


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      Source: Capital Market


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