Tree House Education extends rally after block deals

The stock up 10% at Rs 202 and zoomed 46% from its intra-day low of Rs 138 touched on the BSE on December 1.

Shares of Tree House Education & Accessories has locked in upper circuit for the third straight day, up 10% at Rs 202 on the BSE after a huge block deals executed on the counter.

About four million shares representing 9.45% of the total equity of Tree House Education have changed hands in two block deals, the BSE data shows.

The names of buyers and sellers are not immediately known.

On December 1, 2015 Macquarie Fund Solutions Macquarie Asia New Stars Fund sold 797,703 shares of Tree House Education and Accessories at Rs 160.69 and Macquarie Unit Trust Series Macquarie Asia New Stars Fund sold 397,220 shares at Rs 160.69 on the NSE. However, Morgan Stanley Asia (Singapore) Pte bought 240,043 shares at Rs 166.56.

Meanwhile, the stock zoomed 46% from its intra-day low of Rs 138 touched on December 1, after the company said that it has successfully received all amounts related to preschools and franchise operations that were outstanding as on 30th September 2015.

Currently, outstanding receivables stand at Rs 27 crore as compared to Rs 63 crore as of 3Oth September 2015, Tree House Education said in a BSE filing.

The management is focused on continuing its aggressive collection strategy, expected to further reduce debtors from this level, it added.

As of September 30, Matrix Partners India Investment Holdings LLC holds 12.05% stake in Tree House Education and Accessories, the shareholding pattern data shows.

Till 10:11 AM, a combined 4.33 million shares changed hands and there were pending buy orders for 920,332 shares on the BSE and NSE.