Navneet Education surged 11.37% to Rs 170.50 at 12:03 IST on BSE on reports a domestic brokerage has intiated coverage with a buy call and a target price of Rs 210 on the stock.
Meanwhile, the S&P BSE Sensex was up 82.30 points or 0.28% at 29,613.73.
On the BSE, 3.54 lakh shares were traded on the counter so far as against the average daily volumes of 47,129 shares in the past one quarter. The stock had hit a high of Rs 174.70 so far during the day, which is a record high. The stock hit a low of Rs 164.15 so far during the day. It had hit a 52-week low of Rs 80.50 on 29 March 2016.
The mid-cap company has equity capital of Rs 47.64 crore. Face value per share is Rs 2.
The target price of Rs 210 gives an upside of 37.16% over the stock's closing price of Rs 153.10 yesterday, 29 March 2017.
According to reports, the brokerage believes that Navneet Education is well poised to gain market share in the growing CBSE market. Change of syllabus provides strong growth triggers over two years.
In terms of market positioning, it feels that Navneet dominates the market for supplementary educational material and this domineering position makes it a key beneficiary, reports suggested.
Navneet Education's net profit rose 67.9% to Rs 12.64 crore on 38.6% growth in net sales to Rs 156.56 crore in Q3 December 2016 over Q3 December 2015.
Navneet Education, formerly known as Navneet Publications (India), is in the business of educational, children and general books publication, scholastic paper and non-paper stationery products.
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