This S&P BSE 500 stock is India’s largest hospitality chain and has a market cap of Rs. 7,284 crore and rose around 2% within the first hour of markets open with volumes that are over 0.8x monthly average volumes.
The stock gained after the company received a new contract from the UK Government. The stock trades 6% away from its 52 week high and has FII holding of 13%. Key Investor in the company is Smallcap World Fund which holds 8%.
In a filing dated 18th October 2023, Mastek Ltd (“Mastek”) stated that it has been awarded a three-year contract from the UK’s Government Digital Service (GDS).
The three-year contract is valued at £8.5 million, with options available to extend to a total of five years. GOV.UK One Login is the UK government’s flagship digital programme, developing a single sign-on and identity checking solution for the government.
Currently, there are over 340 services available on GOV.UK, and 44 different sign-in methods can be used to access about 190 accounts. With GOV.UK One Login, users will have access to a single, all-encompassing method of logging in and establishing their identity. When used widely, GOV.UK One Login will serve as the primary portal for utilizing online government services and will be a part of the Critical National Infrastructure.
The GOV.UK One Login Technical Service Desk (TSD) will be designed, constructed, and run by Mastek in partnership with UK GDS. The TSD will act as a central hub for resolving technical questions and problems around-the-clock. In order to support operational best practices, Mastek will incorporate proactive monitoring and alerting systems into the TSD solution.
Rachel Tsang, Deputy Director for the Digital Identity Programme at GDS, said, “We are pleased to be in partnership with Mastek for a technical service desk to provide round-the-clock monitoring and technical support. GOV.UK One Login will be a step change in how people access government services, and working with Mastek will ensure that we are able to offer more effective and efficient support.”
Abhishek Singh, President of UKI & Europe at Mastek, said, “We are continually committed to delivering excellence in the CNI and other critical systems and services programmes of the UKI Public Sector. We are excited to be associated with GDS in their prestigious ‘GOV.UK One Login Programme’ and look forward to delivering it successfully.”
Mastek is a partner in enterprise digital and cloud transformation that engineers excellence for customers in sectors like healthcare and life sciences, retail and consumer, manufacturing, financial services, and public sector across 40 countries, including the UK, US, Europe, the Middle East, and Asia Pacific. Mastek has more than 6000 employees and provides right-fit solutions to both medium businesses and international Fortune 1000 clients.
Written by Sandeep R
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