Shares of Mastek skyrocketed 20 percent in the afternoon on April 18 after the company was named a supplier in the British defence ministry's £1.2-billion digital and IT professional services framework. The sharp run-up in the stock also helped it record its biggest single-day gain since May 2021.
Even though the stock came off its day's high of Rs 3,099.10 at 1pm, it was still trading around 11 percent higher at Rs 2,856 on the NSE.
Read: Mastek bags supplier spot in Digital Services Framework for UK's Defence Ministry
The project of the budget will be spread across a period of four years. Mastek has been assigned to provide solution, enterprise and tech architecture, data, innovation, tech assurance and knowledge and information management for the UK Ministry of Defence's digital and professional services framework.
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The company will also act as a subcontractor for Qinetiq where it will be required to perform involves development, UX, development operations, system design and app support, cyber security, crypto, and integrated systems.
Mastek has been a long-standing supplier to the UK defence ministry since 2017. "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,” said Dean Richardson, the head of digital enablement at Mastek.
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