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Mastek Plunges 5%; BSE IT Index Down 1.3%
Mon, 21 Oct 15:29

Mastek Plunges 5%; BSE IT Index Down 1.3%Image source: bluebay2014/www.istockphoto.com

Mastek share price has plunged 5% and is presently trading at Rs 2,865.5.

Meanwhile, the BSE IT index is at 41,834.9 (down 1.3%).

Among the top losers in the BSE IT index today are INDIAMART INTERMESH (down 16.6%) and Coforge (down 5.3%).

L&T TECHNOLOGY SERVICES (up 2.1%) and Tata Elxsi (up 1.1%) are among the top gainers today.

Over the last one year, Mastek has moved up from Rs 2,433.8 to Rs 2,865.5, registering a gain of Rs 431.7 (up 17.7%).

On the other hand, the BSE IT index has moved up from 32,265.5 to 41,834.9, registering a gain of 29.7% during the last 12 months.

The top gainers among the BSE IT index stocks during this same period were Oracle Financial Services (up 168.3%), Firstsource Solutions (up 100.9%) and PERSISTENT SYSTEMS (up 83.9%).

Dear Reader: If You Invest in Midcap Stocks, this is for You

What About the Benchmark Indices?

The BSE Sensex is at 81,119.7 (down 0.1%).

The top losers among the BSE Sensex today are Kotak Bank (down 4.3%) and Bajaj Finserv (down 3.3%). The most traded stocks in the BSE Sensex are HDFC Bank and Tata Steel.

In the meantime, NSE Nifty is at 24,765.3 (down 0.4%). Tata Consumer Products and Kotak Bank are among the top losers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 66,428.1 to 81,119.7, registering a gain of 14,691.6 points (up 22.1%).

Mastek Financial Update...

Mastek net profit grew 97.0% YoY to Rs 1,287 million for the quarter ended September 2024, compared to a profit of Rs 653 million a year ago. Net sales rose 13.3% to Rs 8,674 million during the period as against Rs 7,655 million in July-September 2023.

For the year ended March 2024, Mastek reported 0.2% increase in net profit to Rs 3,110 million compared to net profit of Rs 3,103 million during FY23. Revenue of the company grew 19.2% to Rs 30,548 million during FY24.

The current Price to earnings ratio of Mastek, based on rolling 12 month earnings, stands at 23.8.

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