Educomp receives Rs 60.72 crore order; stock up 5%

NEW DELHI: Educomp Solutions Ltd announced on Wednesday that its ICT Division Edureach has added 585 government schools to their existing portfolio of schools under ICT implementation across India.

The project will be implemented under Build, Own, Operate and Transfer (BOOT) Model for a period of five years. The total value of the order is Rs 60.72 crore.

The total number of schools under Edureach Portfolio is 11,154 and the company is working with 12 state governments.

“Educomp has been declining and is in an extremely oversold position, but now the stock is giving signals of reversal,” said Mitesh Thacker, Technical Analyst, miteshthacker.com.

“The stock could go up to as high as Rs 230 or probably even stretch it to levels of Rs 240. One can buy this with a stop at about Rs 209,” added Mitesh.

At 01:05 p.m., shares of the company were trading 5.4% higher at Rs 227 while for the year the stock has dropped over 50%.