Comments
Stock of IT solutions provider Mastek ended 4 per cent lower today after the company reported a 9 per cent decline in net profit for March quarter.
The stock fell by 3.89 per cent to end at Rs 148.40 on BSE. During the day, it tumbled 5.69 per cent to Rs 145.60.
On NSE, the scrip went down by 4 per cent to close at Rs 148.10.
On volume front, one lakh shares of the company were traded at BSE and over 4 lakh shares were changed hands at NSE during the day.
Mastek yesterday reported a 9 per cent decline in net profit at Rs 5.86 crore for the March quarter.
The company had posted a net profit of Rs 6.44 crore for the corresponding period last fiscal, it had said in a BSE filing.
Total income from operations also declined by over 54 per cent to Rs 124.25 crore for the quarter under review compared with Rs 276.11 crore a year ago.
Meanwhile, the company’s Board also approved acquisition of 100 per cent stake in Cashless Technologies India Private for Rs 1 lakh and now, it will be a subsidiary of Mastek on completion of necessary formalities.
Cashless Technologies was incorporated on February 2 by Sudhakar Ram, MD and Group CEO of Mastek, and Hiren Shah, Senior Vice-President, Mastek.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.