NIIT share price closed higher in trade today after the company said its wholly owned subsidiary NIIT (USA) Inc has signed a managed services agreement with a US-based EdTech company to provide virtual services to education providers.
The term of the agreement is 5 years.
"Both companies see this as a significant partnership where two market leaders go-to-market jointly to provide innovative solutions in the testing and certification marketplace," said NIIT in a regulatory filing.
Share price of NIIT ended over 7% higher at Rs 86.40 compared to the previous close of Rs 80.70 on BSE. Post the announcement, NIIT stock opened with a gain of 2.17% at Rs 82.45 and later rose 11.21% to intra day high of Rs 89.75 on BSE.
The small cap stock traded higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages. However, it has lost 17.83% during last one year and fallen 7.79% since the beginning of this year. In the last one month, the stock has gained 29.54%.
NIIT stock touched its 52-week high of Rs 115.55 on January 9, 2020 and 52-week low of Rs 53.55 on March 23 , 2020, respectively.