Career Point Surges 13% on MoU With Rajasthan Government

Shares in education service provider Career Point gained over 13 per cent to a day high of Rs 151.90 on Monday after signed a memorandum of understanding (MoU) with the Rajasthan Government to impart skill development training.

Career Point in a filing to exchanges said it has signed a agreement with Skills and Livelihood Development Corporation (an undertaking of Government of Rajasthan) for mobilisation, training and assessment of candidates for various employment-linked courses.

As per the guidelines of the agreement, Rajasthan Skills and Livelihood Development Corporation will provide financial assistance through grant-in-aid received from the state government to impart employment-linked skill training by Career Point.

Pramod Maheshwari, managing director and chief executive officer at Career Point, told NDTV that the government will pay Rs 12,000-Rs 15,000 per student depending on the programme length.

Mr Maheshwari believes that these initiatives will increase the utilisation rate of their classrooms to up to 100 per cent from 60 per cent currently and will add around Rs 75 lakh to Rs 1 crore to its EBITDA.

Shares in Career Point ended 10.99 per cent higher at Rs 148.50 apiece, outperforming the Nifty which ended 0.56 per cent higher on Monday.