This IT stock has given 360% returns in 7 months

IT solutions provider Mastek shares have grown nearly five-fold in last seven months beating all the IT stocks in India in terms of returns. Mastek share price has gained 364 per cent to Rs 790 in intraday trade on the Bombay Stock Exchange on Thursday from its 52-week low of Rs 170.05 touched on March 27, 2020.  The stock hit its 52-week high of Rs 929 on October 7, 2020.

Categorised under the 'B' group of BSE, Mastek commands a market capitalisation of Rs 1,921.68 crore. The stock has rallied 90 per cent since the beginning of this year and 7 per cent in last one month.

Earlier today, the small-cap IT stock opened lower at Rs 785 against the previous closing price of Rs 791.65 on the BSE. During the day's trade, the stock declined as much as 2.65 per cent to touch an intraday low of Rs 770.65. Meanwhile, the BSE benchmark index Sensex was trading at 39,748, down 173 points, 0.44 per cent.

Also Read: This stock turned Rs 1 lakh into Rs 8 lakh in over seven months, did you miss the rally?

Incorporated in the year 1982, Mastek offers enterprise level digital transformation services and software for large public and private enterprises in the UK, US and India.

During the April-June quarter of the current fiscal, Mastek reported 92 per cent growth in its net profit at Rs 47 crore from Rs 24 crore in Q1 FY20, despite global headwinds of COVID-19. Total income grew by 59 per cent to Rs 403 crore from Rs 253 crore in the same period last year. Consolidated sales rose by 55.96 per cent to Rs 386.06 crore from Rs 247.54 crore in the same period last year. 

Also Read: This stock turned Rs 1 lakh into Rs 6 lakh in six months, hit all-time high today

Mastek's board is scheduled to meet on October 29, 2020, to consider and approve financial results for the second quarter and half-year ended September 30, 2020. The board will consider the payment of interim dividend, if any, for the financial year ending March 31, 2021.