NIIT Tech corrects on profit booking

NIIT Technologies fell 4.12% to Rs 509.40 at 10:47 IST on BSE on profit booking after the stock rose 14.41% in the preceding six trading sessions to Rs 531.30 on 12 August 2015, from a recent low of Rs 464.40 on 4 August 2015.

Meanwhile, the BSE Sensex was up 165.31 points, or 0.60%, to 27,677.57.

On BSE, so far 14,000 shares were traded in the counter, compared with an average volume of 24,539 shares in the past one quarter.

The stock hit a high of Rs 539 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 502.40 so far during the day. The stock hit a 52-week low of Rs 332 on 17 December 2014.

The stock had outperformed the market over the past one month till 12 August 2015, rising 36.79% compared with 0.54% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 42.96% as against Sensex's 2.36% rise.

The mid-cap company has an equity capital of Rs 61.07 crore. Face value per share is Rs 10.

On a consolidated basis, NIIT Technologies' net profit rose 35.5% to Rs 58.50 crore on 11% increase in revenues to Rs 641.10 crore in Q1 June 2015 over Q1 June 2014. Operating profit rose 34.5% to Rs 104.20 crore in Q1 June 2015 over Q1 June 2014.

Order intake during the quarter was $97 million, resulting in $300 million of order book executable over the next 12 months.

NIIT Technologies is a leading global IT solutions organization, servicing customers in Americas, Europe, Middle East, Asia and Australia. It offers services in application development and maintenance, infrastructure management, IP asset or platform solutions, business process management and digital services to organisations in the financial services, travel & transportation, manufacturing/distribution and government sectors.

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