Majesco surges after pact with IBM

Majesco rose 3.99% to Rs 484.20 at 11:23 IST on BSE after the company announced a five-year partnership with IBM to jointly offer a new cognitive, cloud-based platform to help insurance carriers create new services on IBM Cloud.

The announcement was made during market hours today, 4 October 2016.

Meanwhile, the S&P BSE Sensex was up 58.83 points or 0.21% at 28,302.12.

On BSE, so far 69,000 shares were traded in the counter as against average daily volume of 27,181 shares in the past one quarter. The stock hit a high of Rs 493 and a low of Rs 474 so far during the day. The stock had hit a record high of Rs 789 on 12 January 2016. The stock had hit a 52-week low of Rs 308.10 on 1 October 2015. The stock had underperformed the market over the past one month till 3 October 2016, sliding 4.35% compared with 1.01% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 13.24% as against Sensex's 4.05% rise.

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

The global partnership between Majesco and IBM is intended to help provide clients with the ability to speed the development of new customer services with predictive data analytics for insurance providers to bring new solutions to their clients.

On a consolidated basis, Majesco reported net profit of Rs 1.71 crore in Q1 June 2016 compared with net loss of Rs 1.97 crore in Q4 March 2016. Net sales rose 0.76% to Rs 216.27 crore in Q1 June 2016 over Q4 March 2016.

Majesco enables insurance business transformation for about 150 insurance customers worldwide by providing solutions which include software, consulting and services.

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