Mastek spurts on fresh buying interest

Mastek surged 14.41% to Rs 154.45 at 12:12 IST on BSE on a sudden buying interest.

Meanwhile, the BSE Sensex was up 175.68 points, or 0.85%, to 20,884.30.

Volumes were high in the Mastek counter. On BSE, so far 10.19 lakh shares were traded in the counter, compared with an average volume of 15,027 shares in the past one quarter.

The stock hit a high of Rs 162 and a low of Rs 135.90 so far during the day. The stock hit a 52-week high of Rs 178 on 17 October 2013. 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 19 December 2013, sliding 2.67% compared with the Sensex's 0.87% fall. The scrip had, however, outperformed the market in past one quarter, rising 6.13% as against Sensex's 0.30% rise.

The small-cap company has an equity capital of Rs 12.33 crore. Face value per share is Rs 5.

Following the sharp rally in Mastek shares, the company issued a clarification during trading hours today, 20 December 2013, that there is no development in the company to warrant such volatility in the share price.

Mastek's consolidated net profit surged 112.27% to Rs 15.05 crore on 7.85% growth in net sales to Rs 233.71 crore in Q2 September 2013 over Q1 June 2013.

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

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