Information Technology

Mastek has surged 20% in last three sessions. Here's why

Updated : December 17, 2019 12:40 PM IST

At 11.39 am, Mastek stock quoted at Rs 428.60 per share, up 2.57 percent, on the BSE.

So far this year, Mastek shares have corrected by 4.5 percent.

Mastek's return in the last month is positive with the scrip surging 34 percent.

Shares of Mastek Ltd surged as much as 4 percent on Tuesday, continuing its gaining streak for the third straight session. The company has gained 20 percent in the three sessions on its wholly-owned subsidiary Mastek UK selling a partial stake in Majesco.

“Mastek (UK) off-loaded about 2 million shares in Majesco USA for US $15.94 million and the balance of 3.04 million is intended to be sold in ensuring future,” the company said in a stock-exchange filing.

The net proceeds of the sale will be reinvested into the growth of Mastek as part of its committed Vision 2020 strategy, the company added.

"As part of our Vision 2020 strategy, we have consistently stated that Mastek will divest non-core assets and use the proceeds to accelerate our core business plan to be a recognised leader in Enterprise Digital Transformation," said Mastek Group CEO John Owen.

At 11.39 am, Mastek stock quoted at Rs 428.60 per share, up 2.57 percent, on the BSE. The stock opened at Rs 421 per share and touched the day's high of Rs 434.40.

So far this year, Mastek shares have corrected by 4.5 percent, underperforming the benchmark Sensex by over 20 percent. During the same period, the BSE frontline index has returned over 14 percent.

Mastek's return in the last month is positive with the scrip surging 34 percent. The three-year return on the stock is positive, rising by 145 percent.

Also, catch all the latest market action and updates with CNBCTV18.com's blog.