Mastek hits 52-week high on heavy volumes

The stock was up 6% to Rs 223, extending its previous day's 8% surge on BSE

Mastek hit 52-week high of Rs 234, up 11% on BSE in intra-day trade, on back of heavy volumes in otherwise weak market.

At 1:31 pm; the stock of IT software products Company was up 6% at Rs 223, extending its Wednesday’s 8% surge on BSE. On comparison, the S&P BSE Sensex was down 0.48%, while S&P BSE IT index fell 2% today.

The board of directors of Mastek is schedule to meet on April 20, 2017 to consider consolidated and standalone un-audited financial results for the quarter ended March 31, 2017 (Q4F17).

In past three months, the stock outperformed the market by surging 33% against 8.5% rise in the benchmark index and 2% decline in IT index.

Mastek had reported a strong 46.8% quarter on quarter (Q-o-Q) growth in consolidated net profit at Rs 11.23 crore for the third quarter ended December 31, 2016 (Q3FY17), driven by improvement in operational efficiencies. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) margin improved 136 basis points to 12.1%.

While announcing Q3 results, Sudhakar Ram, vice-chairman & managing director, Mastek, said, the company seeing significant traction in agile and digital transformation solutions and expect the growth momentum to continue in future quarters.