NIIT Tech firms up on setting record date for buyback

NIIT Technologies rose 0.75% to Rs 1,837 after the company set 12 March 2020 as record date for buyback of shares.

The board of NIIT Technologies at their meeting held on 23 December 2019, approved the proposal of buyback of up to 19,56,290 fully paid equity shares of a face value of Rs 10 each at a price of up to Rs 1,725 per share. The buyback proposal through the tender offer route, aggregated up to Rs 337.46 crore.

In the past one month, the scrip has risen 2.13% to its current market price of Rs 1,837. On the technical front, the stock's RSI (relative strength index) stood at 51.822. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading between its 20-day moving average (DMA) placed at Rs 1,893.34 and its 50-DMA placed at Rs 1,748.84.

NIIT Technologies' consolidated net profit rose 3.17% to Rs 123.30 crore on a 3.36% rise in net sales to Rs 1,073.40 crore in Q3 December 2019 over Q2 September 2019.

NIIT Technologies is an Indian information technology (IT) solutions company. The firm is engaged in application development and maintenance, managed services, cloud computing and business process outsourcing to organizations in several sectors.

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