Mastek Surges 10% on Overseas Acquisition

Shares in Mastek gained over 10 per cent to a day high of Rs 287.70 on Friday after the company announced that its US subsidiary Majesco Inc has acquired Agile Technologies.

Agile Technologies is an insurance industry focused IT consulting firm in USA, which has revenues of over $9 million.

Ketan Mehta, CEO and founder of Majesco said in a statement, "Agile's business is a natural synergistic fit for Majesco and this acquisition is an ideal way to strengthen their capabilities."

As of 3.11 p.m. shares in Mastek traded 4.25 per cent higher at Rs 272 apiece, outperforming the broader Nifty, which was down 0.9 per cent.