Mastek rises on acquiring first US customer for its insurance solution
Mastek, a leading IT solutions player with global operations in providing new technology and IP-led enterprise solutions to insurance, government and financial service organisations worldwide, has won its first customer in the US for ElixirTM Distribution Management solution, creating an important breakthrough for itself.
The stock opened at Rs 396 compared to its previous close of Rs 399. Intraday, the counter touched a high and a low of Rs 408.85 and Rs 386 respectively. So far 2,79,000 shares have been traded on BSE.
The stock of the face value of Rs 5, touched its 52-week high of Rs 462 on December 3, 2009 and a 52-week low of Rs 97 on March 13, 2009.
Mastek’s ElixirTM is an IP-led enterprise platform for the insurance industry’s life and annuity (L&A) segment that enables insurers to operate more efficiently and grow their market share.
The company has already had multiple clients for ElixirTM offerings in various geographies, but not in North America until this new win. North America is the single largest market for enterprise solutions in insurance and thus remains a focus area for Mastek.
The IT major posted a net profit of Rs 15.94 crore and revenue of Rs 116.51 crore for the quarter ended December 2009.
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