Majesco surged 4.33% to Rs 356.80 at 11:12 IST on BSE after the company said it has secured a multi-year contract from a tier one insurer.
The announcement was made after market hours yesterday, 23 March 2017.Meanwhile, the S&P BSE Sensex was up 128.33 points or 0.44% at 29,460.49.
On the BSE, 29,000 shares were traded on the counter so far as against the average daily volumes of 17,250 shares in the past one quarter. The stock had hit a high of Rs 364 and a low of Rs 345.95 so far during the day.
The stock had hit a 52-week high of Rs 650 on 21 April 2016 and a 52-week low of Rs 331 on 15 February 2017. The stock had underperformed the market over the past one month till 23 March 2017, sliding 1.6% compared with the Sensex's 1.52% rise. The scrip had also underperformed the market over the past one quarter, declining 11.58% as against the Sensex's 12.64% rise.
The small-cap company has equity capital of Rs 11.68 crore. Face value per share is Rs 5.
Majesco announced that a tier one insurer has selected the company following an extensive evaluation as their strategic partner for the multi-year modernization program.
As a part of the agreement, the insurer will leverage Majesco's enterprise consulting services and the business transformation framework, application development & management services and the technical reference architecture, and testing services with the automation test framework and testing repository to support the vision laid out by the company for their underwriting and policy platform.
Majesco's consolidated net profit fell 2.68% to Rs 5.07 crore on 2.3% decline in net sales to Rs 202.26 crore in Q3 December 2016 over Q2 September 2016.
Majesco enables insurance business transformation for insurance customers worldwide by providing solutions which include software, consulting and services.
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