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Business News/ Markets / Stock Markets/  Mastek share price jumps 20% on bagging supplier spot in UK's Ministry of Defence
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Mastek share price jumps 20% on bagging supplier spot in UK's Ministry of Defence

Mastek share price has gained over 9% in one month, while the stock is up more than 80% in the past one year.

Mastek share price hit a 20% upper circuit limit at ₹3,100.25 apiece on the BSE after the announcement. (Image: Pixabay)Premium
Mastek share price hit a 20% upper circuit limit at 3,100.25 apiece on the BSE after the announcement. (Image: Pixabay)

Mastek share price jumped 20% on Thursday after the company announced that it has been named as a supplier on the UK Ministry Of Defence’s Digital and IT Professional Services (DIPS) framework.

Mastek shares hit a 20% upper circuit limit at 3,100.25 apiece on the BSE after the announcement.

The company said it has been awarded a place on Lot 1: Solution, Enterprise & Tech Architecture, Data, Innovation, Tech Assurance, and Knowledge & Information Management of the UK’s DIPS framework. 

Mastek will also be a subcontractor for Qinetiq Limited on Lot 2 and Lot 3, which covers areas like Development, Application Support, User Experience, Cyber Security, Crypto, and Integrated Systems.

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Crown Commercial Service (CCS) assisted the UK Ministry of Defence (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 said.

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.

The DIPS framework has a budget of approximately £1.2 billion over 4 years.

“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," said Dean Richardson, Head of Digital Enablement at Mastek.

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Mastek has been a supplier to the MOD since 2017 and continues to invest in developing their mission-critical capabilities in the areas of strategy, digital & cloud applications, architecture, security, identity management, DevSecOps using agile delivery models, and data exploitation. 

The DIPS Framework will provide a key route to the market for these capabilities in Defence, it said.

Mastek share price has gained over 9% in one month, while the stock is up more than 80% in the past one year.

At 12:50 pm, Mastek shares were trading 11.76% higher at 2,887.30 apiece on the BSE.

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Published: 18 Apr 2024, 12:52 PM IST
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