Majesco corrects on profit booking

Majesco fell 2.20% to Rs 387 at 14:57 IST on BSE on profit booking after a recent rally.

Meanwhile, the S&P BSE Sensex was down 198.65 points, or 0.67% to 29,589.70.

On the BSE, 20,000 shares were traded in the counter so far, compared with average daily volumes of 24,722 shares in the past one quarter. The stock had hit a high of Rs 396.10 and a low of Rs 380.15 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 11 April 2017, rising 11.56% compared with 2.91% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 2.57% as against Sensex's 9.76% rise.

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

Shares of Majesco rose 18.69% in seven trading sessions to settle at Rs 395.70 yesterday, 11 April 2017, from its close of Rs 333.40 on 30 March 2017.

Shares of Majesco rose 0.55% to settle at Rs 395.70 yesterday, 11 April 2017, after the company 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. The announcement was made after market hours on Monday, 10 April 2017.

Majesco's consolidated net profit fell 2.68% to Rs 5.07 crore on 2.3% 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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