Indian equity markets have grown relatively well in the last one-year term as compared to the regional Asian markets with the benchmark indices Sensex and Nifty returning 13 to 15% in the same period. In the meantime, the IT sector indicator Nifty IT had risen about 26% with stocks such as Mindtree, KPIT and Infibeam Incorporation advancing 70 to 90%. Amid the sharp surge in few small-cap and mid-cap shares as compared to the industry heavyweights such as Tata Consultancy Services, Infosys, Wipro, Tech Mahindra and HCL Technologies, we take a look at a small-cap IT stock that has tripled investor money in last one year.
Shares of Mastek Ltd have grown three-fold over the course of last one year beating all the IT stocks in India, in terms of returns. The stock of Mastek Ltd had risen as high as 209% to an all-time high of Rs 606.3 in just one year from a share price level of Rs 195.8 as on 11 April 2018. Mastek Ltd shares are categorised under the ‘B’ group of Bombay Stock Exchange and are a component of S&P BSE 500 index. Mastek Ltd commands a market capitalisation of about Rs 1,400 crore on BSE.
Mastek Ltd had reported a three-fold rise in the net profit for the October-December period to Rs 6.42 crore as against a net profit of Rs 2.15 crore in the July-September quarter of the financial year 2017-2018. Earlier yesterday only, Mastek Ltd informed that a meeting of the board of directors of Mastek Ltd will be held on 18 April 2018 to consider the consolidated and standalone un-audited financial results for the quarter and the financial year ended 31 March 2018.
The board of directors will also recommend final dividend, if any, for the financial year 2017-18, subject to the approval of the shareholders and will fix the day, date, time and place of 36th annual general meeting of Mastek Ltd.