Nifty IT index ends 1.46% lower Nifty PSU Bank index ends 2.33% higher Sectoral Trend BSE Sensex gainers and losers Market at close The S&P BSE Sensex ended at 33,857, down 61 points while the broader Nifty50 index settled at 10,427, up 5 points. Reliance Securities on Majesco Limited The company reported strong 3QFY18 results, with revenue rising 4.7% QoQ in USD terms, led by strong order book growth seen in FY18 YTD; cloud revenue rose 5.1% QoQ, aided by investments made, while License revenue grew by a massive 127% QoQ led by new deal wins. Good revenue growth drove a 345bps QoQ rise in EBITDA margin to 4.5%. Industry fundamentals and the key IBM partnership will enable Majesco to boost revenue growth going forward. Cloud offering - ‘Trump Card’: 60-70% of the deal pipeline in the past few months has been for cloud services. Of the addressable market of US$25bn for Majesco, around US$15-16bn relates to the L&A market, while US$9.25bn relates to the US P&C market. We currently have a target price of Rs 730 on the stock.
The S&P BSE Sensex ended at 33,857, down 61 points while the broader Nifty50 index settled at 10,427, up 5 points.