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Shares of Majesco surged 5 per cent over its listing price, hitting the upper trading permissible limit for the day, on its debut trade pursuant to the demerger of the insurance products and services business of Mastek into the company.
The stock opened at Rs 316 and later touched an intra-day high of Rs 331.80 — its highest trading permissible limit for the day — on the NSE.
Similarly on the BSE, the stock was locked at upper circuit limit of Rs 325.50.
On the other hand, shares of software company Mastek, were trading 3.23 per cent lower at Rs 206.80 on the BSE.
In September last year, the board of Mastek had approved the demerger of insurance products and services business into Minefields Computers Pvt Ltd, renamed as Majesco, followed by transfer of the offshore insurance operations by Majesco to Majesco Software and Solutions India, a wholly-owned subsidiary of MajescoMastek Insurance Software and Solutions.
Majesco constitutes the insurance products and services business of Mastek.
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