Majesco jumped 8.26% to Rs 534.85 at 12:00 IST on BSE after the company said that IBM introduced the industry platform designed specifically for insurers built in collaboration with Metlife and Majesco.The announcement was made after market hours yesterday, 11 October 2017.
Spurt in volumes were witnessed on the counter along with the sharp rise in the stock price. On the BSE, 1.94 lakh shares were traded on the counter so far as against the average daily volumes of 46,692 shares in the past one quarter. The stock had hit a high of Rs 550 in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 498 so far during the day.
The stock had hit a 52-week low of Rs 300 on 10 July 2017.
The stock has surged 27.58% in seven sessions to its ruling price from its close of Rs 419.20 on 3 October 2017.
The stock had outperformed the market over the past one month till 11 October 2017, gaining 15.02% compared with the Sensex's 0.15% fall. The stock had also outperformed the market over the past one quarter, surging 56.42% as against the Sensex's 0.27% rise. The scrip had, however, underperformed the market over the past one year, gaining 6.64% as against the Sensex's 13.68% rise.
The small-cap company has equity capital of Rs 11.77 crore. Face value per share is Rs 5.
Built in collaboration with MetLife and Majesco, the IBM insurance platform will feature cognitive computing, data analytics and integration and security capabilities designed to help insurers expand access to their products and capture new customers.
On a consolidated basis, Majesco reported net loss of Rs 5.02 crore in Q1 June 2017 compared with net loss of Rs 0.71 crore in Q4 March 2017. Net sales fell 4.14% to Rs 182.97 crore in Q1 June 2017 over Q4 March 2017.
Majesco enables insurance business transformation for insurance customers worldwide by providing solutions which include software, consulting and services.
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