MT Educare gains after board OKs selling PUC campus

MT Educare rose 1.65% to Rs 89.45 at 9:42 IST on BSE after the company said its board has approved selling pre-university college campus in Mangalore, Karnataka.

The announcement was made after market hours on Saturday, 22 March 2014. A special live trading session was held on Saturday, 22 March 2014, as the National Stock Exchange (NSE) was testing its software.

Meanwhile, the BSE Sensex was up 251.66 points, or 1.16%, to 22,006.98.

On BSE, so far 25,000 shares were traded in the counter, compared with an average volume of 48,279 shares in the past one quarter.

The stock hit a high of Rs 91 and a low of Rs 88.25 so far during the day. The stock hit a record low of Rs 66.90 on 27 January 2014. The stock hit a 52-week high of Rs 110.40 on 6 November 2013.

The stock had outperformed the market over the past one month till 22 March 2014, rising 11.25% compared with the Sensex's 5.09% rise. The scrip had, however, underperformed the market in past one quarter, falling 1.01% as against Sensex's 3.20% rise.

The small-cap company has an equity capital of Rs 39.78 crore. Face value per share is Rs 10.

MT Educare said that the proposed sale of pre-university college campus (PUC campus) in Mangalore, Karnataka is subject to approval of members of the company through postal ballot.

MT Educare said that its board, at the meeting held on 21 March 2014, also considered the company's budgets for financial year 2014-15.

On a consolidated basis, MT Educare's net profit rose 10.5% to Rs 5.37 crore on 32.1% growth in net sales to Rs 48.81 crore in Q3 December 2013 over Q3 December 2012.

MT Educare is one of the leading education support and coaching services provider in school, science and commerce streams across Maharashtra and has operations in other states like Tamil Nadu, Karnataka, Punjab, Haryana and Gujarat.

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