NIIT shares hit 20% upper circuit after Ramesh Damani picks up stake; check details

According to reports, ace investor Ramesh Shrichand Damani has bought 8 lakh shares of NIIT Ltd at an average price of Rs 127, taking the deal value to ₹10.16 crore. NIIT shares closed at ₹128.20 per share on August 23, up by 7% over the previous close.

On Monday, NIIT shares opened higher and soared further by 20% to hit its upper circuit limit at ₹153.84 per share, below its 52-week high of ₹154.80 per share, on NSE. The stock was locked in the upper circuit limit at 11.30 AM. In the past month, NIIT shares have rallied around 34%.

More than 1.11 crore shares changed hands on NSE on Monday. The trading value was ₹165 crore.

NIIT shares rose 20% to hit the upper circuit limit at ₹153.90 on BSE.

More than 9.90 lakh shares of the company traded on BSE, more than eight times its two-week average trading volume on the exchange.

NIIT is a global provider of digital talent development and managed training services. The company has operations in more than 30 countries and offers learning and talent development programmes for corporate clients and individuals.

The company reported a nearly threefold jump in its net profit for the June quarter of FY2024-25, to ₹7.7 crore, compared to ₹2.2 crore a year ago. Its revenue from operations jumped by 32% to ₹82.5 crore in the first quarter of 2024-25 compared to ₹62.5 crore in the year-ago period.

On a quarter-on-quarter basis, revenue rose by 11% while net profit declined by 31% in the June quarter.