Majesco gains after securing contract

Majesco advanced 3.71% to Rs 374.65 at 9:55 IST on BSE after the company said its insurance arm has secured a contract from a leading provider of financial protection benefits globally.

The announcement was made after market hours yesterday, 18 July 2017.

Meanwhile, the S&P BSE Sensex was up 123.40 points or 0.39% at 31,834.39. The S&P BSE Small-Cap index rose 123.24 points or 0.78% at 15,940.84.

On the BSE, 46,000 shares were traded on the counter so far as against the average daily volumes of 23,044 shares in the past one quarter. The stock had hit a high of Rs 378.95 and a low of Rs 366 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 18 July 2017, advancing 12.12% compared with the Sensex's 2.11% rise. The stock had, however, underperformed the market over the past one quarter, declining 3.32% as against the Sensex's 8.16% rise. The scrip had also underperformed the market over the past one year, sliding 27.77% as against the Sensex's 14.29% rise.

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

Majesco said that Majesco, USA, (Majesco) the insurance arm and a subsidiary of Majesco announced about the selection of the Majesco CloudInsurer platform by a leading provider of financial protection benefits globally, to transform their collections operation across multiple geographies.

In the first phase, they will implement Majesco CloudInsurer to modernize their collection operations in one country to be followed by other Latin America countries and additional territories in the Middle East and Asia.

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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