Shares of Mastek surged as much as 20% in a sharp move on Thursday after the company announced that it has been awarded a place on Lot 1: Solution, Enterprise & Tech Architecture, Data, Innovation, Tech Assurance, and Knowledge & Information Management of the UK Ministry Of Defence’s (MOD) Digital and IT Professional Services (DIPS) framework.
Mastek share price today hit an intraday high of Rs 3,099 after the announcement. As of 1:02 PM, shares of Mastek were up 11.05% at Rs 2,867.85 on the NSE.
Mastek will also be a subcontractor for Qinetiq Limited on Lot 2: Dev, Aps, UX, Dev Ops, Sys Design, and App Support, and on Lot 3: Cyber Security, Crypto, Sec Ops, and Integrated Systems. Crown Commercial Service (CCS) assisted 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. 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 £3.8bn, supporting world-class public services that offer the best value for taxpayers.
The comprehensive DIPS framework will support and enable the MOD with its digital strategy in the areas of data, modern technology, cyber defence, and digital delivery of capability that is relevant, cost-competitive, and on time to meet the demands of Defence’s transformation objectives.
