Unifi Wealth Management buys stake in Majesco

Unifi Wealth has bought 2.06 lakh equity shares of Majesco at Rs 779.05 per share.

At 2.47 pm, the share of Majesco was trading at Rs 811.60 on BSE, up by 4.31 per cent. The stock has recovered by 357.51 per cent from its sharp decline of March 2020 and today, made a new 52-week high of Rs 816.

The net profit of Majesco fell by 4.8 per cent to Rs 11.44 crore in Q1FY21 as against Rs 12.02 crore during Q1FY20. Its sales rose 20.09 per cent to Rs 311 crore in Q1FY21 as against Rs 258.98 crore during Q1FY20.

Majesco provides leadership, technology, and expertise that help insurers innovate, modernise, and connect to build the future of their business as well as of insurance at speed and scale.

It has given returns of 123.73 per cent, 244.02 per cent, and 94.01 per cent for 3 months, 6 months, and 1 year, respectively. According to BSE data, the stock traded at a P/E multiple of 212.21 and a price-to-book ratio of 3.98.