NIIT Tech spurts on buyback plan

NIIT Technologies jumped 6.11% to Rs 1,563 after the company said its board will meet on 23 December 2019 to consider buyback of equity shares.

The announcement was made after market hours yesterday, 16 December 2019.

The S&P BSE Sensex rose 307.63 points or 0.75% at 41,246.35.

In the past one month, the stock advanced 2.83% to its current market price of Rs 1,563, outperforming the Nifty IT index which rose 1.84% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 61.099. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at Rs 1,484.76 and 200-day moving average placed at Rs 1,365.52.

On a consolidated basis, NIIT Technologies' net profit soared 43.28% to Rs 119.50 crore on 7.87% rise in net sales to Rs 1,038.50 crore in Q2 September 2019 over Q1 June 2019.

NIIT Technologies is an information technology (IT) solutions company. The company is engaged in providing computer programming consultancy and related activities.

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