Equity Alert: Educomp down nearly 2% despite 1.1-bln-rupee order
MUMBAI--11AM--Shares of Educomp Solutions were down 1.6% at 3,391
rupees,
despite news of a 1.09-bln-rupee order, tracking a weak broad market
and largely
because the news has been factored in, dealers said.
Educomp today announced the five-year order from the Karnataka
government to
implement computer-aided education at 1,571 schools.
"The order has been talked about by the company management before
and had
been anticipated by the market for a couple of months," an analyst
said.
A weak outlook for the IT sector also weighed down the stock,
dealers said.
Analysts said Educomp was the "logical" second vendor for the
Karnataka
government order as NIIT was the only other company that was bidding
for the
contract.
Earlier, NIIT had said that revenue per school in such orders is
around
1 mln rupees for a five-year period, and operating margin is 10-15%.
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