Mastek jumps after UK unit wins order

Mastek jumped 4.16% to Rs 196.40 at 15:10 IST on BSE after the company said its UK-based subsidiary signed a major contract with British Telecom.

The announcement was made during trading hours today, 28 July 2014.

Meanwhile, the BSE Sensex was down 162.81 points, or 0.62%, to 25,963.94.

On BSE, so far 77,000 shares were traded in the counter, compared with an average volume of 39,830 shares in the past one quarter.

The stock hit a high of Rs 203.80 and a low of Rs 188 so far during the day. The stock hit a 52-week high of Rs 227.90 on 5 March 2014. The stock hit a 52-week low of Rs 103 on 2 August 2013.

The stock had underperformed the market over the past one month till 25 July 2014, rising 3% compared with 3.21% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 6.71% as against Sensex's 15.16% rise.

The small-cap company has an equity capital of Rs 11.15 crore. Face value per share is Rs 5.

Mastek said that Mastek UK, a wholly-owned subsidiary of the company in UK, has signed a major contract with British Telecom (BT), one of the world's leading providers of communications services and solutions, to support new IT operations and systems for a UK Government agency.

Mastek's consolidated net profit fell 92.03% to Rs 0.90 crore on 0.9% decline in total income to Rs 227.60 crore in Q1 June 2014 over Q4 March 2014.

Mastek is a publicly held leading IT player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide.

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