NIIT Tech tumbles on massive volumes after multiple bulk deals

NIIT Technologies slumped 4.99% to Rs 283 at 10:15 IST on BSE after 6.91% equity changed hands in seven bulk deals on the BSE today, 2 August 2012.

Seven bulk deals aggregating to 41.44 lakh shares were executed on the NIIT Technologies counter at an average price of Rs 269.96 per share in opening trade on the BSE today, 2 August 2012.

Meanwhile, the BSE Sensex was down 34.29 points or 0.2% to 17,223.09

On BSE, 52.36 lakh shares were traded in the counter as against average daily volume of 33,000 shares in the past one quarter.

The stock hit a high of Rs 300 and a low of Rs 267 so far during the day. The stock had hit a 52-week high of Rs 317 on 31 May 2012. The stock had hit a 52-week low of Rs 166 on 21 December 2011.

The stock had outperformed the market over the past one month until 1 August 2012, rising 4.33% compared with the Sensex's 0.99% fall. The scrip had also outperformed the market in past one quarter, rising 14.6% as against 0.35% decline in the Sensex.

The small-cap firm has an equity capital of Rs 59.99 crore. Face value per share is Rs 10.

NIIT Technologies consolidated net profit rose 24.45% to Rs 57.50 crore on 5.88% rise in net sales to Rs 469.60 crore in Q1 June 2012 over Q4 March 2012.

NIIT Technologies provides IT solutions in application development and maintenance, managed services, IP Assets/platform solutions and business process outsourcing in verticals such as financial services, travel and transportation, manufacturing, distribution, healthcare and government sectors.

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