India's Navneet Education hits 5-yr high on business restructuring

Navneet Education

01/09/2023 07:17

** Shares of Indian book publisher Navneet Education
 NAVN.NS  up as much as 5.93% at 163.50 rupees, highest level
since Jan. 11, 2018 
    ** Stock posts sharpest pct gain since Aug 1  
    ** Stationery maker approves demerging edtech biz of unit
Navneet Futuretech
    ** Demerged business to be amalgamated with NAVN
    ** Unit Genext Students also to be amalgamated with NAVN,
says co 
    ** Navneet Futuretech's joint MD Sanjeev Shah resigns     
    ** Current restructuring to curtail edtech losses, yield
cost savings, says brokerage Prabhudas Lilladher 
    ** Brokerage maintains "buy" with PT 192 rupees 
    ** About 1.5 mln shares traded as of 11:47 a.m. IST, 1.7x
the 30-day avg 
    ** YTD stock up ~30% 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))