MT Educare gains on tie-up with Chetana Publications

MT Educare rose 1.28% to Rs 99.20 at 14:04 IST on BSE after the company said it has signed a distribution and marketing agreement with Chetana Publications, a leading name in publishing and distribution of educational content.

The announcement was made during trading hours today, 12 September 2013.

Meanwhile, the S&P BSE Sensex was down 177.34 points or 0.89% at 19,820.11.

On BSE, 35,000 shares were traded in the counter as against average daily volume of 40,321 shares in the past one quarter.

The stock hit a high of Rs 103 and a low of Rs 96.50 so far during the day. The stock had hit a record high of Rs 142.40 on 8 January 2013. The stock had hit a record low of Rs 67.10 on 25 March 2013.

The stock had underperformed the market over the past one month till 11 September 2013, gaining 0.56% compared with the Sensex's 6.43% rise. The scrip had also underperformed the market in past one quarter, declining 1.61% as against Sensex's 4.46% rise.

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

MT Educare said that the arrangement with Chetana Publications (Chetana) involves distribution and marketing by Chetana of all co-branded study materials under the name Master Key jointly developed by both parties. In addition, Chetana, through its strong marketing distribution network across Maharashtra, shall introduce and sell pioneering products developed by MT Educare viz. Robomate, an innovative solution that makes revision study material easily available to school students through recorded lectures based on apps that can run on home computers/laptops and also be downloaded on smartphones and tablets.

MT Educare's consolidated net profit rose 22.2% to Rs 3.03 crore on 29.1% growth in net sales to Rs 45.88 crore in Q1 June 2013 over Q1 June 2012.

Established in 1988, 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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