Mastek tanked 9.38% to Rs 1,178.90 after the company said John Owen will relinquish his role as Group CEO on 18 January 2021.Mastek announced that John Owen will be relinquishing his role as group chief executive officer on 18 January 2021 and will be pursuing opportunities outside the group. Ashank Desai, vice chairman & managing director, will assume the responsibilities of the group chief executive officer until a new group chief executive officer is appointed.
Mastek s consolidated net profit rose 26.98% to Rs 59.15 crore on a 6.13% rise in net sales to Rs 409.74 crore in Q2 September 2020 over Q1 June 2020.
Mastek is an enterprise digital transformation specialist. It enables large‐scale business change programmes through its service offerings, which include application development, oracle suite & cloud migration, digital commerce, application support & maintenance, BI & analytics, assurance & testing and agile consulting.
Market Movers: Majesco turns ex-dividend; 25 stocks flash ‘buy’ signal on MACD
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Last Updated: Dec 23, 2020, 05:41 PM IST
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Synopsis
Shares of Majesco hit the upper circuit as they traded ex-dividend on Wednesday, and closed nearly 5 per cent from the adjusted previous close.
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Some 25 stocks on the BSE flashed the ‘buy’ signal on the MACD indicator during the trade.
INSIGHTS
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Shares of
Majesco hit upper circuit after the stock turned ex-dividend on Wednesday. On the other hand, Borosil Renewables extended its rally after the completion of fundraising through a qualified institutions placement (QIP). Overall, buying in IT majors Infosys and TCS, FMCG player HUL and energy-to-telecom behemoth Reliance Industries took the benchmark equity indices higher for the second straight session.
At 19,480%, Majesco’s interim is highest payout ever by an Indian firm
December 15, 2020
Each ₹5 share to get ₹974; distribution of $594 m from sale of US arm
Software exporter Majesco’s board has approved an interim dividend of ₹974 per share, in what could be one of the highest dividend payouts ever in the history of India’s stock market. Shareholders will collectively get ₹2,788 crore as dividend payout.
“The board of directors at its meeting held on December 15, 2020, approved payment of interim dividend at the rate of 19,480 per cent or ₹974 per equity share of the face value of ₹5 each for the financial year 2020-21,” the company said in a filing to the exchanges. In July, private equity firm Thoma Bravo had acquired the US arm of Majesco for $594 million. Majesco had then said that the proceeds from the sale will be distributed to shareholders because 99 per cent of the revenue earned was from the US subsidiary. Majesco owned 74 per cent stake in t