Majesco shares locked in 5% upper circuit for 16th straight session

The stock has rallied 113 per cent in the last 15 trading days

Shares of Majesco were locked in upper circuit for the 16th straight trading day, up 5 per cent at Rs 26.05 on the BSE on Friday in an otherwise weak market. The stock has rallied 113 per cent from the level of Rs 12.20 after it adjusted to interim dividend of Rs 974 per share.

Majesco had paid high dividend payout after the sale of US arm — which accounted for the bulk of its revenues and profits — to private equity firm Thoma Bravo last year. The company had also bought back 1.57 million equity shares at price