Mastek surges on Rs 170-cr deal with US firm

Mastek Limited has moved higher by 6% to Rs 106 after the company said its US-based subsidiary MajescoMastek have signed a multi-year license, implementation and maintenance engagement for its STG Billing solution with a Fortune-100 insurance and financial services company The initial value of the contract is $30 million (Rs 170 crore).

“As a part of this contract Mastek will modernise the company’s enterprise billing and payments platform across all the lines of insurance and financial products,” the company said in a filing.

The stock opened at Rs 100 and hit a high of Rs 107.70 on the National Stock Exchange. A combined 380,027 shares have changed hands on the counter till early noon deals, against an average sub 200,000 shares that were traded daily in past two weeks.