BUY EVERONN SHORT TERM PROFIT

Chennai-based Everonn Education Ltd has got market regulator Securities and Exchange Board of India's (Sebi) clearance for its open offer to Dubai-based Varkey Group, which was scheduled to open on November 16. Through the open offer, the Varkey Group was planning to acquire another 20 per cent stake in Everonn, for Rs 237 crore.

Managing director P Kishore confirmed the development, but did not comment more on the offer.
A public announcement for the offer was made in September, when Kishore was in judicial custody. He was arrested on August 30 by the Central Bureau of Investigation, which alleged he was trying to bribe an income tax official to conceal taxable income of Rs 116 crore. He was granted bail on October 4.

In the same month the Varkey Group, through its education arm, Gems Education, acquired 12 per cent (261,800 equity shares) in Everonn through a preferential allotment for Rs 138 crore. After the acquisition of these shares, the group will become Everonn’s largest shareholder, with 32 per cent stake in the company.
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SIGNALS OF COOLING DOWN FOOD INFLATION

Food inflation witnessed a sharp moderation to 8 per cent for the week ended November 19, though prices of most agricultural items, barring potatoes, onions and wheat, continued to rise on an annual basis.

Food inflation, as measured by the Wholesale Price Index (WPI), was 9.01 per cent in the previous week ended November 12. It stood at 9.03 per cent in the corresponding week of the previous year.

According to data released by the government on Thursday, onions became cheaper by 40.65 per cent year-on-year during the week under review, while potato prices were down by 10.98 per cent. Price of wheat also fell by 4.71 per cent.
Food inflation drops from 9.1 pc to 8 pc
However, all other food items grew more expensive on an annual basis.

Pulses became 13.80 per cent costlier during the week ended November 19, while milk grew dearer by 11.41 per cent and eggs, meat and fish by 13.55 per cent.

Vegetable prices were up by 5.13 per cent year-on-year. However, this marked a substantial slowdown in the inflation rate in comparison to the past few months, when prices of vegetables had witnessed double-digit growth.

Fruits also became 7.98 per cent more expensive on an annual basis, while cereal prices were up 1.97 per cent.

Inflation in the overall primary articles category stood at 7.74 per cent during the week ended November 19, as against 9.08 per cent in the previous week. Primary articles have over 20 per cent weight in the wholesale price index.

Inflation in non-food articles, which includes fibres, oilseeds and minerals, was recorded at 2.14 per cent during the week under review, as against 4.05 per cent in the week ended November 12.