Mastek gains on overseas acquisition buzz

Mastek gained 1.11% to Rs 396.95 at 11:50 IST on BSE on reports the company is looking at an overseas acquisition of around $20-30 million during the current financial year.

The stock hit a high of Rs 400 and a low of Rs 385 on so far during the day. The stock had a 52-week high of Rs 419 on 12 October 2007 and the stock hit a 52-week low of Rs 220 on 12 February 2008.

The company’s current equity is Rs 14.27 crore. Face value per share is Rs 5.

The current price of Rs 396.95 discounts its Q3 March 2008 annualised EPS of Rs 44.89, by a PE multiple of 8.84.

In April 2008, Mastek in partnership with Thales, Fujitsu Services and Flyware won a 27-million-pound contract from the UK defence ministry.

In March 2008, Mastek acquired 100% stake in Systems Task Group International, New York, in an all cash deal for $29 million through its wholly owned US subsidiary MajescoMastek.

Mastek’s net profit rose 71.10% to Rs 32.03 crore on 7.22% rise in net sales to Rs 147.09 crore in Q3 March 2008 over Q2 December 2007.

Mastek is an information technology (IT) player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide.