Mastek in demand as Majesco listed on NYSE

Mastek rose 1.23% to Rs 213.60 at 12:05 IST on BSE, after the company's US subsidiary Majesco was listed on the New York Stock Exchange yesterday, 29 June 2015.

Meanwhile, the BSE Sensex was up 39.41 points, or 0.14%, to 27,684.56

On BSE, so far 1.21 lakh shares were traded in the counter, compared with an average volume of 1.32 lakh shares in the past one quarter.

The stock hit a high of Rs 218.60 and low of Rs 210 so far during the day. The stock hit a 52-week low of Rs 133.30 on 17 June 2015. The stock hit a 52-week high of Rs 513.50 on 9 March 2015.

The small-cap company has an equity capital of Rs 11.41 crore. Face value per share is Rs 5.

Shares of Majesco settled at $4.92 yesterday, 29 June 2015 on the NYSE on its first day of trading. The scrip moved in range of $5.27 and $4.44 yesterday, 29 June 2015. Majesco was listed on the NYSE MKT and started trading under the ticker MJCO.

Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, and Cover-All Technologies Inc., a leading provider of innovative and modern P/C insurance technology solutions, on 26 June 2015 announced the completion of their merger. The combined entity will operate under the Majesco brand globally.

Mastek had recently demerged its insurance products and service business into Minefields Computers, followed by slump sale of Offshore Insurance Operations by Minefields Computers (MCPL) to Majesco Software and Solutions (MSSIPL). MCPL was renamed Majesco India and it will be an independent listed company. Majesco India constitutes the insurance products and services business of Mastek. All the existing shareholders of Mastek will be allotted shares in Majesco India in the ratio of 1:1.

Subsequently, the demerged insurance business after the approval by the shareholders of the US-based Cover-All Technologies was merged with Majesco US, a subsidiary of Majesco India.

Majesco India holds 69.7% stake in Majesco US. Majesco India is expected to debut on Indian bourses in August 2015, as per reports.

On a consolidated basis, Mastek's net profit fell 25.98% to Rs 6.44 crore on 2.15% increase in net sales to Rs 272.32 crore in Q4 March 2015 over Q3 December 2014.

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