NIIT shares rally 19% to hit 52-week-high, gains 66% in just 8 sessions

After hitting a 20% upper circuit on Monday, NIIT shares zoomed as much as 19% on Tuesday to hit a high of ₹183 apiece on the National Stock Exchange (NSE). The stock has been trading in the green for the past eight sessions, rising a cumulative 66% during the period.

On Friday, August 23, Damani had acquired NIIT shares worth ₹10.02 crore via open market transactions.

According to data available on stock exchanges, Damani bought 8,00,000 equity shares, equivalent to 0.59% stake in the company, at an average price of ₹127.55 per share.

Before that, on August 22, NIIT’s promoters too raised their stake in the company. Thandani Family Trust (through its Trustee Vijay Kumar Thadhani) and Pawar Family Trust (through its Trustee Rajendra Singh Pawar) acquired a combined 3.54 million equity shares of NIIT, representing 2.62% of the company’s total equity, via open market transactions. The promoters had bought additional stake at a price of ₹118 per share.

After the acquisition, the promoters holding in NIIT jumped to 37.267% from 34.652%.

Also, NIIT announced on Friday that the company has fixed September 5 as the record date for the purpose of ascertaining the eligibility of shareholders for payment of final dividend of ₹0.75 per share for 2023-24. The payment of final dividend will be made within 30 days from the date of approval, the company added.

NIIT had reported a more than three-fold jump in its net profit for the June 2024 quarter to ₹7.7 crore compared to ₹2.2 crore a year ago. Revenue from operations had increased 32% to ₹82.5 crore during the quarter compared to ₹62.5 crore a year ago.

Shares of NIIT Ltd were trading 12.2% higher at ₹172.6 apiece on the NSE at 1:32 pm.