Mastek jumps after winning contract

Mastek rose 4.10% to Rs 278.20 at 9:18 IST on BSE after the company said that it received a contract from UK-based Unum.

The announcement was made after market hours yesterday, 4 December 2014.

Meanwhile, the BSE Sensex was up 30.42 points, or 0.11%, to 28,593.24.

On BSE, so far 20,000 shares were traded in the counter, compared with an average volume of 1.47 lakh shares in the past one quarter.

The stock hit a high of Rs 282 and a low of Rs 275 so far during the day. The stock hit a 52-week high of Rs 337 on 18 September 2014. The stock hit a 52-week low of Rs 134 on 17 December 2013.

The stock had underperformed the market over the past one month till 4 December 2014, rising 0.60% compared with 2.52% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 38.11% as against Sensex's 5.45% rise.

The small-cap company has an equity capital of Rs 11.19 crore. Face value per share is Rs 5.

Mastek announced that Unum, one of the UK's leading providers of financial protection has selected Mastek's Elixir platform as the core administration platform for their Group Protection business in the UK. Unum will implement Elixir across its Group Protection business in order to create and adapt products more quickly. Financial details of the deal were not disclosed.

On a consolidated basis, Mastek's net profit rose 104.71% to Rs 1.74 crore on 11.72% increase in net sales to Rs 244.34 crore in Q2 September 2014 over Q1 June 2014.

Mastek is a publicly held leading IT player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide. With its principal offshore delivery facility based at Mumbai, India, Mastek operates across North America, Europe, and Asia Pacific regions. Incorporated in 1982, Mastek has been at the forefront of technology and has made significant investments in creating intellectual property, which along with proven methodologies and processes, increase IT value generation to its customers through onsite and offshore deliveries.

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