Majeso, at present trading at Rs 987 per share, has been in a position to surge to fresh 52-week higher values repeatedly.
Smallcap IT consulting and computer software firm Majesco today announced an interim dividend of Rs 974 per equity share of face worth Rs 5 every single. Listed in 2015, Majeso’s share price tag has zoomed 179% considering the fact that listing. Most of this surge in stock price tag has come this fiscal year, with share price tag skyrocketing 332% considering the fact that April this year. Majesco, along with other info technologies firms has been in a position to reap added benefits of the huge demand that stock markets witnessed for IT shares in the initial months of this fiscal year.
Majeso, at present trading at Rs 987 per share, has been in a position to surge to fresh 52-week higher values repeatedly. The interim dividend of Rs 974 per share translates to Rs 2,788.4 crore on a shareholder base of 2.86 crore shares. “We wish to inform that the Board of Directors of Majesco Limited at its meeting held today i.e. December 15, 2020, has approved payment of interim dividend at the rate of 19480% i.e. Rs. 974/- per equity share of face value of Rs. 5/- each for the financial year 2020-21,” Majesco mentioned in an exchange filing on Tuesday morning. The record date for the dividend has been set to December 25 this year.
Prior to the dividend, Majesco, in October this year had announced a buyback worth Rs 631 crore. The IT firm completed the buyback final week, getting 74.70 lakh equity shares by way of a tender provide at a price tag of Rs 845 per share. The buyback and dividend comes soon after the completion of the sale of Majesco US, which left the firm with money of Rs 3,072 crore. In a note in October this year, brokerage firm ICICI Securities has mentioned that Majesco may sell some of its genuine estate assets and divide the quantity amongst shareholders, nonetheless, the quantity that may possibly be generated from such a sale is unknown. Analysts advise investors to steer clear of the stock, expecting the price tag to plummet post the dividend payout.
In the economic year 2019, Majeso reported an operating profit of Rs 92 crore, and improved it to Rs 111 crore in the prior fiscal year. Net profit of the firm has improved more than the final handful of years, going from Rs 5 crore at the finish of March 2017 to Rs 69 crore at the finish of economic year 2020.