Mastek jumps after US subsidiary gets clearance to list shares on NYSE

Mastek jumped 7.5% to Rs 420 at 13:35 IST on BSE after the NYSE Listing Committee cleared listing of company's US subsidiary, Majesco's shares on the NYSE MKT.

The announcement was made during trading hours today, 31 March 2015.

Meanwhile, the BSE Sensex was up 140.63 points, or 0.5% to 28,116.49.

On BSE, so far 2.93 lakh shares were traded in the counter, compared with an average volume of 1.7 lakh shares in the past one quarter.

The stock hit high of Rs 429 and low of Rs 386.80 so far during the day. The stock hit a 52-week high of Rs 513.50 on 9 March 2015. The stock hit a 52-week low of Rs 160.20 on 12 May 2014.

 

The stock had underperformed the market over the past one month till 30 March 2015, falling 6.82% compared with 4.72% decline in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 1.03% as against Sensex's 2.09% rise.

The small-cap IT services provider has an equity capital of Rs 11.25 crore. Face value per share is Rs 5.

Mastek said clearance from the NYSE Listing Committee is an important milestone in the process of listing Majesco's shares on NYSE MKT. Majesco will apply for listing of shares on the NYSE MKT upon the successful completion of shareholders vote approving Cover All Technologies' merger with Majesco. The rest of the milestones for closing of the merger of Cover All Technologies by end June 2015 are as per schedule, Mastek added.

Mastek's consolidated net profit jumped 400% to Rs 8.70 crore on 8.48% rise in total income to Rs 273.09 crore in Q3 December 2014 over Q2 September 2014.

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