Mastek zooms 20% to hit new 1-year high after merger nod for arm

Mid-rung IT firm Mastek maintained its upward bias on the bourses for the sixth straight session, with the stock zooming nearly 20 percent to a new 52-week high of Rs 211.30, as investors remained upbeat after the shareholders of Cover-All Technologies recently approved merger with Majesco — the US-based subsidiary of Mastek. [caption id=“attachment_2313536” align=“alignleft” width=“380”]  Reuters[/caption] On June 23, Cover-All Technologies Inc announced that its shareholders have approved Cover-All’s adoption of the agreement and Plan of Merger of Cover-All with and into Majesco, USA, a subsidiary of Majesco Limited, India. At 11.20 am, Mastek stock was at Rs 204.40, up 16 percent from the previous close. Over 5 lakh shares changed hands on BSE as against two-week average volume of 40,000 shares. In the last five trading sessions, Mastek shares flared up 25 percent. Including today’s gains, Mastek shares have surged 45 percent so far, outperforming the benchmark Sensex which gained around 5 percent during the period.