Majesco climbs over 6% as tier-1 insurer selects co as strategic partner

NEW DELHI: Shares of Majesco advanced as much as 6.43 per cent in early trade on Friday after the company announced that a tier-1 insurer has selected the company following an extensive evaluation as their strategic partner for the multi-year modernisation program.

As a part of the agreement, the insurer will leverage Majesco’s enterprise consulting services and the business transformation framework, application development and management services and the technical reference architecture, and testing services with the automation test framework and testing repository to support the vision laid out by the company for their underwriting and policy platform.

The scrip was trading 5.69 per cent up at Rs 361.45. Shares of the company opened at Rs 345.95 and touched a high and low of Rs 364 and Rs 345.95, respectively, in trade so far. Benchmark BSE Sensex was trading 148.46 points, or 0.51 per cent, up at 29,480.

“We are honoured and excited to be the strategic partner for this insurer as they begin their modernisation journey,” said Ganesh Pai, EVP of Consulting Services, Majesco in a release.

On the BSE, 24,000 shares were traded on the counter so far as against the average daily volumes of 22,000 shares in the past two weeks.

Shares of the company hit their fresh 52-week high of Rs 650 on April 21, 2016 and 52-week low of Rs 331 on February 15, 2017.