Majesco gains after extending service pact with Homesite Insurance

Majesco rose 3.91% to Rs 638 at 13:58 IST on BSE after the company announced the extended agreement to use the Majesco P&C Suite Cloud platform by Homesite Insurance.

The announcement was made after market hours yesterday, 20 April 2016.

Meanwhile, the S&P BSE Sensex was up 124.51 points or 0.48% at 25,968.69.

On BSE, so far 84,000 shares were traded in the counter as against average daily volume of 46,324 shares in the past one quarter. The stock hit a high of Rs 650 and a low of Rs 615.50 so far during the day. The stock had hit a record high of Rs 789 on 12 January 2016. The stock had hit a record low of Rs 288.60 on 10 September 2015. The stock had outperformed the market over the past one month till 20 April 2016, gaining 8.75% compared with the Sensex's 3.57% rise. The scrip had also outperformed the market in past one quarter, advancing 11.59% as against Sensex's 7.41% rise.

The small-cap company has equity capital of Rs 11.53 crore. Face value per share is Rs 5.

Homesite Insurance will use Majesco's multi-line cloud platform with ready to use content, including ISO ERC Integrated content, for the commercial line of business, Majesco said in a statement. Homesite Insurance is a wholly owned subsidiary of American Family Mutual Insurance Company.

Majesco reported consolidated net profit of Rs 7.92 crore in Q3 December 2015 compared with net loss of Rs 0.58 crore in Q2 September 2015. Net sales rose 4.73% to Rs 192.92 crore in Q3 December 2015 over Q2 September 2015.

Majesco enables insurance business transformation for about 140 insurance customers by providing solutions which include software, consulting and services.

Powered by Capital Market - Live News