Majesa, currently trading at Rs 987 per share, has been able to rise to recent 52-week high values several times.
Computer and software company Majesco reported today an interim dividend of 974 rupees per share of par value 5 rupees each. Listed in 2015, Majeso’s stock price has buzzed 179% since the listing. Most of this stock price increase came this fiscal year, with stock prices rising 332% since April this year. Majesco, along with other information technology firms, was able to reap benefits from the massive demand that stock exchanges witnessed on IT stocks in the early months of this fiscal year.
Majesa, currently trading at Rs 987 per share, has been able to rise to recent 52-week high values several times. The provisional dividend of 974 rupees per share translates to 2,788.4 crore on a shareholder basis of 2.86 crore. “We wish to inform you that the Board of Directors of Majesco Limited in its meeting held today i.e. December 15, 2020, approved payment of interim dividend at the rate of 19480% ie Rs. 974 / – per share of par value. of Rs. 5 / – each for the financial year 2020-21, ”Majesco said in an exchange recording on Tuesday morning. The record date for the dividend is set for December 25 this year.
Ahead of the dividend, Majesco, in October this year announced a repurchase worth 631 crore. The IT company completed the repurchase last week, buying 74.70 lakhs worth of shares with a delicate bid at a price of 845 rupees per share. The repurchase and dividend comes after the end of the sale of Majesco USA, which left the company with a cash of Rs 3,072 crore. In a note in October this year, short firm ICICI Securities said Majesco may sell some of its properties and share the amount among shareholders, however the amount that can be generated from such a sale is unknown. Analysts advise investors to deviate from the stock, expecting the price to fall after the dividend.
In the fiscal year 2019, Majeso reported an operating profit of Rs 92 crore, and increased it to Rs 111 crore in the previous fiscal year. The company’s net profit has increased in recent years, going from Rs 5 crore at the end of March 2017 to Rs 69 crore at the end of the financial year 2020.
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