Mastek rose 1.91% to Rs 184 at 9:22 IST on BSE, with the stock extending Monday's 11.55% rally triggered by the company's board mulling a proposal to buyback equity shares of the company.
Meanwhile, the S&P BSE Sensex was up 83.51 points or 0.4% at 20,870.81.
On BSE, so far 37,000 shares were traded in the counter as against average daily volume of 1.70 lakh shares in the past one quarter.
The stock hit a high of Rs 186.55 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 181.55 so far during the day. The stock hit a 52-week low of Rs 103 on 2 August 2013.
Shares of Mastek have rallied 13.68% in two trading sessions from Rs 161.85 on 3 January 2014 after the company after market hours on 3 January 2014 said that its board will meet on Wednesday, 8 January 2014, to consider a proposal of buyback of equity shares of the company. The stock had rallied 11.55% to settle at Rs 180.55 on Monday, 6 January 2014.
Mastek's consolidated net profit surged 112.27% to Rs 15.05 crore on 7.85% growth in net sales to Rs 233.71 crore in Q2 September 2013 over Q1 June 2013.
Mastek is a leading IT player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide.
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