NIIT Tech surges after winning client

NIIT Technologies surged 6.77% to Rs 465.50 at 14:00 IST on BSE after the company announced collaboration of Siam City Cement with the company to build its future ready IT infrastructure.

The announcement was made during market hours today, 26 April 2017.

Meanwhile, the S&P BSE Sensex was up 200.64 points, or 0.67%, to 30,143.88. The S&P BSE Mid-Cap index was up 28.86 points, or 0.2%, to 14,809.44.

High volumes were witnessed on the counter. On the BSE, 1.06 lakh shares were traded in the counter so far, compared with average daily volumes of 10,646 shares in the past one quarter. The stock had hit a high of Rs 470.55 and a low of Rs 430.15 so far during the day.

The stock had hit a 52-week high of Rs 587.60 on 15 June 2016. The stock had hit a 52-week low of Rs 370 on 9 November 2016.

It had outperformed the market over the past one month till 25 April 2017, gaining 3.66% compared with the Sensex's 1.77% rise. The scrip had, however, underperformed the market over the past one quarter, rising 0.2% as against the Sensex's 8.07% rise.

The mid-cap company has equity capital of Rs 61.36 crore. Face value per share is Rs 10.

Siam City Cement Public Company (SCCC), one of the leading cement manufacturers in Thailand has partnered with NIIT Technologies for building its future ready IT infrastructure. Supporting the digital transformation for SCCC, NIIT Technologies has designed, delivered and operating its private and public cloud infrastructure.

Future ready IT infrastructure developed by INSEE Digital is acting as the backbone infrastructure for the digital initiative at SCCC. It is now poised to leverage internet of things in fleet and fuel management and is in discussion with NIIT Tech on the feasibility to deploy robotic IT operations.

On a consolidated basis, NIIT Technologies' net profit rose 9.73% to Rs 65.40 crore on 0.13% increase in net sales to Rs 692.20 crore in Q3 December 2016 over Q2 September 2016.

NIIT Technologies is a global IT solutions organization addressing the requirements of clients across the Americas, Europe, Asia, and Australia. The company services clients in travel and transportation, banking and financial services, insurance, manufacturing, and media verticals, offering a range of services, including application development and maintenance, infrastructure management, and business process management.

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