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Mastek zooms 20% on UK Defence Ministry deal

Mastek shares have soared 23.63 per cent in the last six months, outperforming S&P BSE 500 index, which zoomed 18.35 per cent during the same period

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SI Reporter New Delhi

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IT company Mastek shares surged as much as 19.99 per cent to hit an intraday high of Rs 3,100.25 per share on Thursday, BSE data showed.

Mastek shares have soared 23.63 per cent in the last six months, outperforming S&P BSE 500 index, which zoomed 18.35 per cent during the same period. 

This surge comes after Mastek announced that it has secured a position as a supplier on the UK Ministry of Defence's £1.2 billion Digital and IT Professional Services (DIPS) framework.

Under this framework, Mastek has been awarded a place on Lot 1, which encompasses solution, enterprise & tech architecture, data, innovation, tech assurance, and knowledge & information management. 

Additionally, Mastek will serve as a subcontractor for Qinetiq Limited on Lot 2 and Lot 3, covering dev, aps, UX, dev ops, sys design, app support, cybersecurity, crypto, sec ops, and integrated systems.

The Crown Commercial Service (CCS) collaborated with MOD in establishing the DIPS framework, with CCS assuming the role of framework authority upon its implementation, Mastek said in a statement. The framework is scheduled to operate for four years, it added.

“Crown Commercial Service supports the public sector to achieve maximum commercial value when procuring common goods and services. In 2022/23, CCS helped the public sector achieve commercial benefits equal to £3.8 billion, supporting world-class public services that offer the best value for taxpayers,” Mastek said.

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.”

As of 12:32 pm, shares of Mastek were trading 12.03 per cent higher at Rs 2,894.45 per share. 

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First Published: Apr 18 2024 | 12:56 PM IST

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