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The Indian indices continued to remain under pressure in the post noon trading session. Sectoral indices are trading on a negative note with stocks from the IT, metal and energy sectors bearing the maximum brunt.
The BSE-Sensex is trading lower by 199 (down 0.8%) and the NSE-Nifty is trading down by 59 points (down 0.8%). The BSE Mid Cap index is trading up by 0.3% while the BSE Small Cap index is trading up by 0.1%. Gold prices, per 10 grams, are trading at Rs 24,942 levels. Silver price, per kilogram, is trading at Rs 33,322 levels. Crude oil is trading at Rs 2,426 per barrel. The rupee is trading at 66.41 to the US$.
As per a leading financial daily, MT Educare (MTEL) has launched its Robomate+ App in co-ordination with Global Education Trust (GET), its CSR partner. The application contains recorded video lectures by expert faculties and is available online. The same can help students revise and sharpen concepts by viewing lectures, repeatedly to their satisfaction. Students can get full access to some of India's best faculty in their preparation for entrance exams such as IIT, CA, MBA and Board exams such as CBSE, ICSE, SSC and HSC.
MT Educare provides educational coaching services for classes 9 and 10 (state boards, CBSE and ICSE), classes 11 and 12, graduation (commerce), preparatory/entrance tests (engineering, medical and MBA) and professional courses such as chartered accountancy under the brand name 'Mahesh Tutorials'. The company in November has declared an Interim Dividend of 6% [i.e. Re. 0.60 (excluding dividend distribution tax) per equity shares of the face value of Rs. 10/- each] for the financial year 2015-16.
In its quarter results for September 2015, the company has reported 21.2% YoY rise in its net profit. Consolidated revenues from operations increased by 26.4% YoY during the quarter ended September 2015 (2QFY16). Here is our detailed analysis of the results. If you are interested in the stock, then this is a must read!
Stock of MT Educare is trading up by nearly 13%.
Stocks in the finance sector are trading on a mixed note with Prime Securities and Bajaj Holdings & Investments leading the gains. Meanwhile, German insurer ERGO is planning to raise its stake in the insurance venture with HDFC to 49% for Rs 11 billion. This would value the HDFC ERGO General Insurance Company (HDFC ERGO) at Rs 49 billion.
The stake increase is at a price of Rs 90.973 per share. Post this transaction, which is subject to regulators approvals, HDFC's stake will come down to 50.7% from 73.6% earlier.
The transaction is at 4.9 times the book value, which stands at Rs 10 billion. The company had a share capital of Rs 5.5 billion as on March 31. It had gross written premium of Rs 32 billion, underwriting business like motor, health, property and crop. During the last fiscal year, it had reported profit of Rs 1 billion.
HDFC ERGO is a general insurance joint venture between home financier HDFC and Ergo -an arm of Munich Re, the world's largest reinsurance company. The company operates out of 108 branches spread across 89 cities.
HDFC is India's premier housing finance company. Its main business is to provide loans for the purchase or construction of residential houses. Presently its stock is trading down by 0.7%.
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