NIIT gains as global pharma company extends training services contract

NIIT rose 1.68% to Rs 72.50 at 15:16 IST on BSE after the company announced that its current managed training services contract with a global pharmaceutical company in UK has been extended for a further 4 years.

The announcement was made during trading hours today, 23 November 2016.

Meanwhile, the BSE Sensex was up 75.69 points, or 0.29%, to 26,036.47

On BSE, so far 1.11 lakh shares were traded in the counter, compared with average daily volume of 2.43 lakh shares in the past one quarter. The stock hit a high of Rs 74 and a low of Rs 71.05 so far during the day. The stock hit a 52-week high of Rs 107.80 on 20 September 2016. The stock hit a 52-week low of Rs 67 on 09 November 2016.

The small-cap company has equity capital of Rs 33.14 crore. Face value per share is Rs 2.

NIIT announced that its current managed training services contract with a global pharmaceutical company headquartered in West London, UK, has been extended for a further 4 years. The client is one of the world's largest science-led healthcare companies that researches and develops a broad range of innovative products in three primary areas of pharmaceuticals, vaccines and consumer healthcare, NIIT said. With this extension, NIIT's Corporate Learning Group will support a major L&D transformation initiative by the client as a strategic partner. NIIT's services will focus on the company's strategic transformation objectives of a centralized governance structure, improved delivery and business impact through curriculum optimization, vendor rationalization, and overall reduction in third party costs, the company said. This initiative covers a large, multi-million pound third party training spend for over 100,000 employees, across six business units, in more than 80 countries, it added.

On a consolidated basis, net profit of NIIT rose 3.85% to Rs 21.60 crore on 9.5% rise in net sales to Rs 298.40 crore in Q2 September 2016 over Q2 September 2015.

NIIT, a global leader in skills and talent development, offers multi-disciplinary learning management and training delivery solutions to corporations, institutions, and individuals in over 40 countries. NIIT has three main lines of business across the globe-corporate learning group, skills and careers group, and school learning group.

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