Mastek stock extends rally for 6th day; zooms 18%

Shares of software firm Mastek surged 18 per cent today, extending their rally for the sixth straight session after the demerger of the company's insurance business.
The stock zoomed 17.94 per cent to settle at Rs 207.70 on the BSE. During the day, it soared 19.98 per cent to Rs 211.30 -- its 52-week high.
At NSE, it surged 17.79 per cent to end at Rs 208.20.
In six trading sessions, the stock has gained almost 48 per cent.
"Mastek rallied 20 per cent in the day after the company announced hiving-off its insurance businesses into a different entity all together named as Majesco India," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Ltd.

Shares of Mastek had nosedived on June 12 as the stock price adjusted for demerger of its insurance business.

The record date for the demerger was set on June 15.
Majesco constitutes the insurance products and services business of Mastek.
Meanwhile, the circuit filter of the stock has also been changed from 5 per cent to 20 per cent.