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Majesco drops on profit taking

Capital Market 

Majesco lost 1.54% to Rs 519.75 at 10:53 on BSE, with the stock sliding on profit booking after recent strong rally.

Meanwhile, the S&P Sensex was up 236.23 points or 0.73% at 32,418.45. The S&P Small-Cap index advanced 96.35 points or 0.57% at 17,000.

On the BSE, 22,000 shares were traded on the counter so far as against the average daily volumes of 49,820 shares in the past one quarter. The stock had hit a high of Rs 532 and a low of Rs 511.70 so far during the day. The stock had hit a 52-week high of Rs 550 yesterday, 12 October 2017 and a 52-week low of Rs 300 on 10 July 2017.

The stock had outperformed the market over the past one month till 12 October 2017, surging 20.44% compared with the Sensex's 0.07% rise. The stock had also outperformed the market over the past one quarter, advancing 65.25% as against the Sensex's 1.19% rise. The scrip had, however, underperformed the market over the past one year, gaining 13.94% as against the Sensex's 14.6% rise.

The small-cap company has equity capital of Rs 11.79 crore. Face value per share is Rs 5.

Shares of Majesco had rallied 25.93% in seven trading sessions to settle at Rs 527.90 yesterday, 12 October 2017, from its close of Rs 419.20 on 3 October 2017.

Majesco announced on 11 October 2017 that IBM announced that IBM introduced the industry platform designed specifically for insurers built in collaboration with Metlife and Majesco. The IBM insurance platform will feature cognitive computing, data analytics and integration and security capabilities designed to help insurers expand access to their products and capture new customers.

On a consolidated basis, Majesco reported net loss of Rs 5.02 crore in Q1 June 2017 compared with net loss of Rs 0.71 crore in Q4 March 2017. Net sales fell 4.14% to Rs 182.97 crore in Q1 June 2017 over Q4 March 2017.

Majesco enables insurance business transformation for insurance customers worldwide by providing solutions which include software, consulting and services.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 13 2017. 10:57 IST