Majesco rose 2.89% to Rs 338 at 13:45 IST on BSE after Majesco, USA, the insurance arm and a subsidiary of Majesco said that QBE North America selected Majesco Software and Cloud as its strategic enterprise platform.
The company made the announcement during market hours today, 23 October 2015.
Meanwhile, the S&P BSE Sensex was up 184.50 points or 0.68% at 27,471.37.
On BSE, so far 17,964 shares were traded in the counter as against average daily volume of 35,971 shares in the past one quarter.
The stock hit a high of Rs 348.60 and a low of Rs 331.10 so far during the day. The stock had hit a record high of Rs 366.40 on 9 October 2015. The stock had hit a 52-week low of Rs 288.60 on 10 September 2015.
The stock had underperformed the market over the past one month till 21 October 2015, falling 1.5% compared with 4.18% rise in the Sensex.
The small-cap company has equity capital of Rs 11.41 crore. Face value per share is Rs 5.
Majesco announced that QBE North America has selected Majesco's Policy for P&C, Majesco Bureau and Content Services, Majesco Billing, Majesco Business Analytics solutions and Majesco Cloud Services as their strategic enterprise platform for the specialty insurance division QBE North America, a global insurance carrier.
QBE North America is a division of QBE Insurance Group, one of the world's 20 largest insurance and reinsurance companies. QBE North America will be using Majesco Policy for P&C for their Specialty product suite, and this new multi-year agreement highlights the breadth and capability of Majesco's solution to support bureau and non-bureau products to enable speed to market and product innovation in an increasingly changing risk environment and competitive marketplace.
Majesco Policy is pre-defined, integrated, and maintained for ISO bureau content via Majesco Bureau and Content Services for all lines of business, and designed to enable agility, rapid product innovation and speed to market opportunities for insurance companies to introduce new products and reach new markets quickly and cost effectively to capture market share. Majesco Billing is designed to help insurance carriers improve customer service and increase profitability through a flexible enterprise billing platform. Majesco Business Analytics is a powerful business intelligence and analytics solution that is designed to reveal actionable insights across the insurance value chain through pre-built measures, dimensions, and KPIs. Majesco Cloud Services has over 27 cloud customers.
Separately, Majesco after market hours on Wednesday, 21 October 2015, announced the new release of the Majesco Distribution Management solution. Majesco Distribution Management is designed to uniquely support all lines of its business and is pre-integrated with Majesco Business Analytics and Majesco's digital portal and mobile capabilities.
Majesco reported net profit of Rs 1.09 crore on sales of Rs 2.68 crore in Q1 June 2015.
Majesco enables insurance business transformation for approximately 140 insurance customers by providing solutions which include software, consulting and services.
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