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NIIT Technologies share price gains 16% on strong March quarter earnings

NIIT Technologies share price rose sharply by 16% per cent to Rs 1,378.65 compared to the previous close of Rs 1,188 on the BSE. The mid cap stock has gained 15.66% in the last 2 days.


Aseem Thapliyal | May 6, 2020 | Updated 13:48 IST
NIIT Tech share price gains 16% on strong March quarter earnings
Share price of NIIT Tech has gained 8.54% during last one year but fallen 14% since the beginning of this year

Share price of NIIT Technologies on Wednesday rose up to 16 per cent in trade today after the company reported a 11.4 per cent rise in consolidated net profit for March 2020 quarter. NIIT Technologies share price rose sharply by 16% per cent to Rs 1,378.65 compared to the previous close of Rs 1,188 on the BSE. The mid cap stock has gained 15.66% in the last 2 days.

The stock opened 3.75% higher at Rs 1,233 on BSE. Market capitalization on BSE rose to Rs 8,690 crore. Total 0.95 lakh shares changed hands amounting to turnover of Rs 12.63 crore on BSE.

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Share price of NIIT Tech has gained 8.54% during last one year but fallen 14% since the beginning of this year. The midcap stock hit 52 week high of Rs 2,057 on January 23 ,2020 and 52-week low of Rs 739.05 on March 24 , 2020.

NIIT Tech stock trades higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages. ON NSE, the stock gained 17.40 per cent to Rs 1,396. The stock opened at Rs 1,243 compared to the previous close of Rs 1189 on NSE.

NIIT Technologies reported a 11.4 per cent rise in consolidated net profit at Rs 113.6 crore for the quarter ended March compared to net profit of Rs 102 crore in January-March 2019 quarter.

The IT firm said strong tech capabilities and sharp execution helped the company in winning large deals. Consolidated revenue rose 19 per cent to Rs 1,109.3 crore in the quarter under review against Rs 931.9 crore in the year-ago period.

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"The firm recorded one of its best annual performances ever in FY'20, which has come on the back of a similarly strong performance delivered in the preceding year," NIIT Technologies CEO Sudhir Singh said. For FY 20, net profit rose 23.2 per cent to Rs 474 crore, while revenue grew 18.5 per cent to Rs 4,180.9 crore over the previous financial year.

On April 22 this year, NIIT share price closed 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.

Share price of NIIT ended over 7% higher at Rs 86.40 compared to the previous close of Rs 80.70 on BSE.

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