Mastek in the limelight

Mastek is in the limelight today morning. From yesterday’s close of Rs.267.25, it opened marginally higher at Rs.277.10 but soon went on to hit an intra day high at Rs,282. Since the if has cooled off a bit but remains in the green, up 3.5% at Rs.277 levels.

The stock has jumped up, reacting to news that Unum, one of the UK's leading providers of financial protection has selected Mastek's Elixir platform as the core administration platform for their Group Protection business in the UK. Unum will implement Elixir across its Group Protection business in order to create and adapt products more quickly. No financial details have been mentioned.

The company had ended Q2FY15 with consolidated net profit rising 105% (QoQ) at Rs.2 crore on a 12% rise in net sales at Rs.244 crore. This unusual surge in bottomline was thanks to the Rs.5 crore coming in as other income and another Rs.5 crore as exceptional income. But for this, it was a muted performance.