Mastek gains on winning contract from NCGTC

The company has won a multi-year contract from National Credit Guarantee Trustee Company (NCGTC) to deliver a 'digital guarantee-processing platform'.

Shares of Mastek were up nearly 2% after the company said it has won a multi-year contract from National Credit Guarantee Trustee Company (NCGTC) to deliver a 'digital guarantee-processing platform'.

The IT platform will enable banks, FIs, referred to as MLI ( Member Lending Institutions) to participate in various credit guarantee schemes of Government of India, Mastek said in a release.

It is nationwide initiative of extending collateral free loans to various underpriviledged sections of the society. NCGTC envisages a surge in applications from MLIs on commencing its operations and thus the need for a robust IT backbone.

The stock opened at Rs 155 and touched a high of Rs 159. At 2:10pm, over 400,000 shares were traded on both the stock exchanges.