Majesco in demand after dividend bounty

Majesco rose 2.71% at Rs 999.95 after the company said its board declared an interim dividend of Rs 974 per share for the financial year 2020-21.

Based on the ruling market price, the dividend yield works out to 102.66%.

The company has fixed 25 December 2020 as the record date for determining the entitlement of the shareholder for the interim dividend. The company said the earliest dividend payout will be from 30 December 2020. Majesco further added the balance cash reserves estimated at Rs 103 crore will be distributed subject to board and regulatory approvals.

Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business - and the future of insurance - at speed and scale.

The IT company recorded a consolidated net profit of Rs 2376.54 crore in Q2 September 2020, steeply higher than net profit of Rs 16.79 crore in Q2 September 2019.

The company earned an exceptional income of Rs 3,065.47 crore during the quarter from the sale of Majesco's entire stake/ investment in the US subsidiary pursuant to the merger between the Majesco (US subsidiary) and Magic Merger Sub, Inc., a Delaware corporation.

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