Majesco gains after subsidiary launches two new solutions

Majesco rose 3.54% to Rs 356.90 at 9:50 IST on BSE after the company said that its insurance arm and a subsidiary launched two new solutions.

The announcement was made after market hours yesterday, 28 February 2017.

Meanwhile, the S&P BSE Sensex was up 224.48 points or 0.78% at 28,967.80.

On the BSE, 6,088 shares were traded in the counter so far as against average daily volume of 13,583 shares in the past one quarter. The stock had hit a high of Rs 359.70 and a low of Rs 346.50 so far during the day. The stock had hit a 52-week high of Rs 650 on 21 April 2016. The stock had hit a 52-week low of Rs 331 on 15 February 2017.

The stock had underperformed the market over the past one month till 28 February 2017, sliding 10.67% compared with 3.09% gains in the Sensex. The scrip had also underperformed the market in past one quarter, declining 13.65% as against Sensex's 9.08% rise.

The small-cap company has equity capital of Rs 11.62 crore. Face value per share is Rs 5.

Majesco said that Majesco, USA, the Insurance arm and a subsidiary of Majesco, launched two new solutions, Majesco Enterprise Data Model and Majesco Enterprise Data Warehouse.

These solutions along with Majesco Data Services and Majesco Business Analytics, provide a framework and assets to create a path for insurers to accelerate their data mastery maturity to achieve business differentiation and optimization through data.

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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