Majesco rose 4.71% to Rs 489.75 at 11:24 IST on BSE after the company said it has secured a contract for Cloudlnsurer platform product.
The announcement was made during market hours yesterday, 6 June 2018.Meanwhile, the S&P BSE Sensex was up 326.20 points, or 0.93% to 35,505.08.
On the BSE, 10,000 shares were traded in the counter so far compared with average daily volumes of 19,000 shares in the past two weeks. The stock had hit a high of Rs 506.80 and a low of Rs 466 so far during the day. The stock hit a 52-week high of Rs 603.95 on 24 January 2018. The stock hit a 52-week low of Rs 300 on 10 July 2017.
Majesco announced that a new start-up selected Majesco Core Suite for P&C platform on the Majesco Cloudlnsurer platform to support their market launch and growth strategies in a SaaS model. The evaluation process was rapid and focused on minimum viable product that could leverage out-of-thebox capabilities as much as possible to achieve speed to value.
Majesco Cloudlnsurer platform leverages Majesco's experience with over 35 cloud customers, providing a business platform with broad appeal for all insurers from greenfields, new start-ups and incubators to mid-market and tier one insurers.
Prateek Kumar, EVP for the P&C Business for Majesco said that this startup is part of a growing number of new greenfields and startups that are aggressively executing strategies to capture new market opportunities focused on rapid launch.
On a consolidated basis, Majesco reported net profit of Rs 10.09 crore in Q4 March 2018 compared with net loss of Rs 2.59 crore in Q4 March 2017. Net sales rose 14.32% to Rs 216.69 crore in Q4 March 2018 over Q4 March 2017.
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Majesco is a global provider of core insurance software and consulting services. The company's solutions include policy management, new business / underwriting, rating, billing, claims management, distribution management, BI/ analytics, predictive modeling, digital platform with mobile and portal, testing services, cloud services, bureau and content services, transformation services, consulting services and more.
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