Majesco declines after recent sharp rally

Majesco lost 2.61% to Rs 356.80 at 12:46 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was down 18.86 points, or 0.06% at 32,018.52. The S&P BSE Small-cap index was down 47.39 points, or 0.3% at 15,916.18.

On the BSE, 44,000 shares were traded on the counter so far as against the average daily volumes of 21,797 shares in the past one quarter. The stock had hit a high of Rs 368.60 and a low of Rs 351 so far during the day. The stock had hit a 52-week high of Rs 575 on 25 July 2016 and a 52-week low of Rs 300 on 10 July 2017.

The stock had outperformed the market over the past one month till 13 July 2017, advancing 11.32% compared with the Sensex's 3% rise. The scrip had, however, underperformed the market over the past one quarter declining 6.7% as against the Sensex's 8.74% rise. The scrip had also underperformed the market over the past one year declining 28.79% as against the Sensex's 15.18% rise.

The small-cap company has equity capital of Rs 11.73 crore. Face value per share is Rs 5.

Shares of Majesco had rallied 20.59% in the preceding four trading sessions to settle at Rs 366.35 yesterday, 13 July 2017, from its close of Rs 303.80 on 7 July 2017.

Majesco announced on 11 July 2017 that its insurance subsidiary Majesco USA informed that its client Shelter Insurance is live on Majesco billing for its new brand, say insurance, focused on delivering a digital auto insurance product that is transparent, simple and convenient.

Majesco's consolidated net profit fell 49.9% to Rs 2.54 crore on 7.16% decrease in net sales to Rs 187.78 crore in Q4 March 2017 over Q3 December 2016.

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

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