Education stocks rally on higher budget allocation

Everonn Education, NIIT, Educomp Solutions and Aptech are up 3-9% on BSE.

Shares of companies engaged in education business such as NIIT, Educomp Solutions, Everonn Education and Aptech have rallied up to 9% on the bourses after the Finance Minister P. Chidambaram in the 2013-14 Budget proposed higher allocations for the education sector.

“The government proposed to allocate Rs 65,867 crore to the Ministry of Human Resource Development, which is an increase of 17% over the RE of the previous year,” the Finance Minister said in its budget speech.

“The Sarva Shiksha Abhiyan (SSA) and the Right to Education Act are firmly in place. I propose to provide Rs 27,258 crore for SSA in 2013-14,” he added.

Among the individual stocks, Everonn Education has rallied 9% to Rs 70.85, followed by NIIT (7% at Rs 25.25), Educomp Solutions (4% at Rs 88) and Aptech (3% at Rs 49.05) on BSE.