Majesco rose 1.72% to Rs 463.40 at 10:04 IST on BSE after the company said that American Capital Assurance Corporation went live with the Majesco P&C Core Suite, inclusive of policy, billing, and claims.
The announcement was made after market hours yesterday, 26 June 2018.Meanwhile, the S&P BSE Sensex was up 65.52 points, or 0.18% to 35,555.56.
On the BSE, 1,569 shares were traded in the counter so far compared with average daily volumes of 28,000 shares in the past two weeks. The stock had hit a high of Rs 469 and a low of Rs 456.45 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.
American Capital Assurance Company ("AmCap Insurance"), owned by AmCap Holdings, LLC offers commercial residential property insurance on an admitted basis, headquartered in St. Petersburg, Florida. They provide coverage for condominium, homeowner associations, and townhome owner associations. Implementation of the Majesco P&C Core Suite will enable AmCap Insurance to manage their business self-sufficiently, rather than outsourced to an external provider. The first phase of the implementation, including policy, billing, and claims, supports commercial property for Florida and Texas.
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.
Majesco is a provider of core insurance technology software and IT services to insurance carriers worldwide. Majesco delivers software and IT services in core insurance areas including policy administration, product modeling, new business processing, billing, claims, producer lifecycle management and distribution.
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