India's Mastek rises on deal to buy cloud solutions firm BizAnalytica

Mastek

20/07/2023 07:50

** Shares of Mastek  MAST.NS  rise as much as 3.42% to 2,245
rupees
    ** Uptick after the enterprise technology solutions provider
signs a definitive agreement to acquire U.S.-based cloud
solutions provider BizAnalytica for upfront consideration of
$16.72 mln
    ** Acquisition to bolster MAST's data cloud and generative
AI capabilities
    ** MAST posts 9% year-on-year slide in consolidated net
profit in June quarter
    ** Core profit rises marginally, revenue up 27% Y/Y in June
quarter
    ** Trading volume is 223,930 shares as of 12:07 p.m. IST,
nearly twice the 30-day avg - Refinitiv data
    ** Stock up 31% YTD compared to 9% rise in Nifty 50 index
 .NSEI 

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))