Financial Daily from THE HINDU group of publications
Friday, Dec 27, 2002
Financial Daily from THE HINDU group of publications Friday, Dec 27, 2002 |
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Markets
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Stock Markets Info-Tech - Stocks Mastek at 52-week high Our Bureau
KOLKATA, Dec. 26 MASTEK today touched a 52-week high on heavy volumes on market expectations of its inclusion in the derivatives segment. The stock, after touching the day's high of Rs 525.90, closed at Rs 522.25, against the previous close of Rs 498.20 on the BSE, with traded quantity of 21.76 lakh shares. On the NSE, it peaked at Rs 526.80, before closing at Rs 518 on volumes of 36.31 lakh shares. At the current price, the stock is quoting at 14.9 times its consolidated trailing four-quarter earnings of Rs 35 per share. It has been ruling firm this month and has not dipped below Rs 456 on the BSE. News of the company's client addition, operationalisation of a new software development centre in Mumbai and plans for hiring of 600-700 professionals during the current year have been seen as positives by the market. The management's expectation of a 45-50 per cent topline growth and 42-52 per cent increase in bottomline growth for the 2002-03 fiscal has also fuelled the positive sentiment in the counter of late. According to Ms Priya Madani of Anagram Stockbroking, Mastek has reported considerable improvement in the quality of earnings through its focus on large customers. "The contribution of revenues from new application development business has surged upwards to about 70 per cent as against around 60 per cent during the first half of last fiscal,'' she added. Mastek has been featured in the Forbes global list of the 200 best small companies. It also found place among the list of 250 fast growing technology companies, surveyed by Deloitte Touche Tohmatsu, in the Asia-Pacific. The depreciation factor for the new development centre and depressed billing rates in the US remained as dampeners for higher growth rates in the immediate term for the stock, Ms Madani pointed out.
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