Majesco gains after inking agreement with tier-one specialty insurer

Majesco rose 1.64% to Rs 497 at 9:36 IST on BSE after a tier-one specialty insurer signed a 3-year agreement for application management services with Majesco.

The announcement was made after market hours yesterday, 5 April 2018.

Meanwhile, the S&P BSE Sensex was down 88.53 points, or 0.26% to 33,508.27.

On the BSE, 1,962 shares were traded in the counter so far compared with average daily volumes of 8,093 shares in the past two weeks. The stock had hit a high of Rs 504 and a low of Rs 494.95 so far during the day. The stock hit a 52-week high of Rs 603.95 on 24 January 2018. The stock hit a 52-week low of Rs 300 on 10 July 2017.

Majesco announced that a tier one specialty insurer signed a three-year agreement for application management services with Majesco to support their workers compensation operational systems.

The insurer is focused on specialty related insurance in the US, and entered into an agreement with Majesco for end to end support of some of their key workers compensation operational systems. The application management services are part of Majesco's Application Development and Management (ADM) Services using an innovative service level agreement (SLA) driven managed services model that guarantees high quality and speed for their business users while ensuring predictability and year-on-year reductions in their support costs delivered through productivity improvements and application stabilization. The insurer has been a long-term strategic client of Majesco.

On a consolidated basis, Majesco reported net loss of Rs 12.94 crore in Q3 December 2017 compared with net profit of Rs 10.67 crore in Q2 September 2017. Net sales rose 4.10% to Rs 207.27 crore in Q3 December 2017 over Q2 September 2017.

Majesco provides technology solutions, products and services for the insurance industry across lines of business - property & casualty (general insurance), life, annuity, health, pensions, and group & worksite benefits insurance.

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