Shares of Mastek Ltd soared 20 per cent to hit their upper price band of Rs 3,100.25 in Thursday's trade. This sudden sharp uptick in the share price came after Mastek announced that it has been named as a supplier on the UK Ministry of Defence's £1.2B Digital and IT professional services (DIPS) framework.
"Mastek, a trusted digital engineering and cloud transformation partner, today announced that it has been awarded a place on Lot 1: Solution, Enterprise & Tech Architecture, Data, Innovation, Tech Assurance, and Knowledge & Information Management of the UK Ministry Of Defence's (MOD) Digital and IT Professional Services (DIPS) framework," the company stated.
Mastek will also be a sub-contractor for Qinetiq Ltd on Lot 2: Dev, Aps, UX, Dev Ops, Sys Design, and App Support, and on Lot 3: Cyber Security, Crypto, Sec Ops, and integrated systems, it added.
"Crown Commercial Service (CCS) assisted MOD in the production of the DIPS framework and became the framework authority upon go-live with MOD responsible for all customer engagement. The DIPS framework is due to run for four years," Mastek further stated.
The DIPS Framework is strongly aligned with the ongoing transformation objectives at Defence Digital and will allow MOD access to a wide range of industry skills through pre-defined terms and conditions, Mastek underscored.
Dean Richardson, Head of Digital Enablement at Mastek, said, "Being a supplier to the MOD through the DIPS framework is a fabulous opportunity to grow our already proven trusted relationship. We've brought together a strong supply chain ecosystem, which gives us the best structure to deliver against the MOD’s future requirements. We have used the procurement time wisely and are ready to get started."
Mastek has been a trusted supplier to the MOD since 2017. It said that the DIPS framework will provide a key route to the market for these capabilities in defence.