Majesco records 52-week high; stock locks at upper circuit

Majesco, an IT firm, announced the buyback of fully paid-up equity shares of the company after the market hours on Monday. The stock on the following day opened 5 per cent higher on BSE. The software company recorded a new 52-week high at Rs 858.95 and soon after this, the stock froze at 5 per cent upper circuit.

The company has scheduled the meeting of its board of directors to consider the proposal of buyback of fully paid equity shares on October 8, 2020. The trading window for transacting in the securities of the company would remain closed until October 10, 2020, to abide by the company’s code of conduct for the prohibition of insider trading.

The company offers an integrated portfolio of IT products & services, comprised of proprietary software solutions, IT consulting, application development, systems integration, application management, data warehousing, and business intelligence.

In addition to India, the company also has an international presence and operates in the United States, Canada, United Kingdom, Malaysia, and Thailand.

The stock reached its 52-week low of Rs 170.55 in the month of March and recovered impressively by giving more than 5x returns in just a period of 6 months.