Mastek Ltd. came under profit booking after stock surged

Shares of Mastek Ltd., a small cap software developer, came under profit booking after the stock surged 30 percent in past three days, ahead of the list of one of its units.

Majesco, a provider of software to the insurance space and having Mastek as its main shareholder, listed on the capital markets today, with a 5 percent rise in early deals. Mastek shareholders were given free shares of Majesco a couple of months ago.

Mastek surged nearly 50 rupees on very heavy volumes in the past 3 days to a high of 221 rupees ahead of Majesco's planned listing.

The stock fell 8.45 rupees, or 4 percent, to 204.50 rupees on the National Stock Exchange, where 30.7 lakh shares changed hands compared with a 5-day average of 5.5 lakh shares.

Mastek's market capitalisation has gained 7 percent to 470 crore rupees in the past one year.

(Image credits: Indiatimes)